Woolworths Group
(ASX:WOW) has announced its Australian food sales lifted 5.1% in the third quarter of the 2017 financial year (to $9.3 billion), compared to the prior corresponding period (PCP).
BIG W’s sales declined 8.6% in the third quarter (compared to PCP) on the back of clearance activities. As a result it is expecting a loss before interest and tax of $115 million to $135 million for the second half of 2017.
Across the group’s businesses sales from continued operations rose 3.7% (compared to PCP).
Woolworths says the business is in the early stages of a turnaround. However, the company warns, second half 2017 results will reflect “financial impacts” of higher investment, cost price increases (particularly in meat and produce) and a ramp of activities to tackle competition.
Shares in Woolworths Group
(ASX:WOW) opened 1.09% higher to $27.33.
