Woolworths Ltd, Australia’s largest grocer, has retained a cautious outlook for the full year, despite posting “solid” first-quarter sales growth.
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Total sales in the 14 weeks to 4 October rose by 4.2% to A$13.37bn. Excluding petrol, sales jumped 7.4%, the company revealed today (20 October).
Woolworths has invested heavily in revamping its store base and the company insisted that it was reaping the benefits in terms of sales gains.
“This sales result is a solid start to the financial year, reflecting our continued focus and investment to deliver value and enhance the customer experience,” chief executive Michael Luscombe commented.
Sales at the group’s supermarket business increased 3.8% and its Australian food and liquor sales rose 7.8%.
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By GlobalDataLooking to the full year, Woolworths said that it expects sales growth to fall in the upper single digits.
However, Luscombe warned that even as the economy stabilises, spending will not return to pre-crash levels in 2010.
For the full release click here, or check back later for just-food’s in-depth analysis of Woolworths’ Q1.
