Woolworths CEO Michael Luscombe has reportedly said that his outlook for the business remains cautious as the credit crunch continues to inform Australian consumers’ shopping habits.
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Australia’s largest supermarket group indicated that the global credit crisis has not hit the group’s bottom line but warned that consumers are cutting spending, Australian broadcaster ABC reported today (23 September).
Addressing fellow retailers about Woolworths’ outlook in Perth, Luscombe reportedly said that, rather than reducing their spending, customers were becoming “smarter” shoppers and buying more own-brand products.
“Customers are being smart with their money and so long as that continues there’s nothing intrinsically wrong with the Australian economy,” he was quoted as saying.
“We remain cautious for our outlook and our guidance we’ve given in terms of sales and profit for the year takes into account the uncertainty we face in the marketplace.”
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