Woolworths Limited
(ASX:WOW) has down played a 0.7 per cent drop in third quarter sales saying the group is undergoing an extensive review.
The retailer took a big hit from petrol sales down nearly 9 per cent on the same period last year. General Merchandise also underperformed with a 5 per cent drop in sales.
New MD and CEO Brad Banducci says Woolworths has a three to five year journey ahead of it to rebuild its supermarkets brand and it will be implementing a new operating model and embedding a new culture across the group.
Woolworths reported a net loss of just over $2 billion for the first six months of the 2016 financial year.
