Woolworths predicts return to profit
Total Group sales increased by 11.2 per cent.
The group said it ‘will return to profitability in the current year. While the absolute level of profitability will be low, this is an important reversal of the prior year loss and will have been achieved against a background of tough competition and reduced consumer confidence’.
Like-for-like sales for the 49 weeks were down 3.2 per cent. Cumulative sales for EUK and Bertrams for the 49 weeks were 46.7 per cent ahead of the prior year, including the effect of acquisitions and new customers.
Commenting on Christmas trading, Trevor Bish-Jones, Chief Executive, said ‘Christmas was a very challenging time for the Group. However, in spite of volatile and highly competitive markets, all parts of the business took steps forward. We are pleased that the progress made across the Group through this year is expected to lead to an improvement in profitability, including Woolworths Retail returning to profit.’
