Australia’s largest grocery retailer Woolworths has slightly upgraded its sales and earnings outlook and said it is expecting a strong and steady Christmas.
Woolworths said annual sales are expected to grow 10.5-11%, a slight rise from the previous forecast of a 10% rise.
The company raised the low end of previous earnings estimates by half a cent so that annual earnings are now forecast at between 55.5 cents and 57.5 cents (US$0.31-0.32) per share.
Woolworths said the revised sales and earnings forecasts are subject to the continuation of current business trends and satisfactory Christmas trading at the company’s 1,400 Australian stores.
Company CEO Roger Corbett was quoted by Reuters as saying that the company expects “a good, strong, steady Christmas.”
