Retail in Asia

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Australia’s Woolworths braces for life without economic stimulus

Australian grocery giant Woolworths and most major retailers enjoyed the equivalent of two years’ growth last year thanks to the government’s economic stimulus package, but that growth cannot be sustained, CEO Michael Luscombe has warned.

Woolworths recently reported that its March-quarter sales, excluding petrol, rose 3.3 percent and flagged it was expecting flat sales or even a fall in fourth-quarter sales, taking full-year sales growth to between 3 and 6 percent – its lowest in six years.

(Source: The Australian)