Shares in Australian supermarket retailer Woolworths fell to a six-month low following a disappointing first-quarter trading update.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Woolworths said quarterly sales growth in its key food and liquor division would be around 5.6%, or 2.8% after stripping out new stores, reported Reuters.
The figures failed to match analysts’ expectations of 8.5% and 3.8% respectively, leading analysts to cut fiscal 2004 profit forecasts by up to 2.0%.
Woolworths’ main rival, Coles Myer, recently stepped up the competition with the launch of its discount fuel offer in July.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
