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Woolworths cuts sales forecasts

Australian retail giant Woolworths has blamed the impact of last year’s fiscal stimulus payments for its decision to cut its annual sales forecasts for the first time in about five years. Woolies has underperformed against arch-rival Coles for two consecutive quarters.

Woolies on 30 April reported sales of AUD12.9 billion (USD11.94 billion) for the third quarter of the financial year, up 4.7 percent from a year earlier. The Australian food and liquor division, the company’s biggest earnings generator, recorded sales of AUD8.75 billion (USD8.10 billion), up 3.8 percent, just behind the 3.9 percent increase seen at rival supermarket chain Coles during the same period.

(Source: The Australian)