Woolworths Limited
(ASX:WOW) has reported a fall in its quarterly sales and outlined its three year growth strategy based on what it describes as a new ‘lean retail’ operating model.
The Australian supermarket giant’s total sales declined 1.6 per cent to $14.9 billion in the 13 weeks to April 5 and dropped 2.1 per cent when adjusting for Easter.
Excluding petrol, total sales increased 3 per cent to $13.7 million and when adjusting for Easter rose 2.3 per cent.
Looking ahead Woolies expects to deliver more than $500 million of cost reductions across FY15-16 and $125 million already put into lower prices.
The company also plans to focus on improving the supermarket customer experience through improved service, refurbishments and innovative offers.
Woolworths reported a net profit of $1.28 billion in the first half of the 2015 financial year.
