Woolworths sales miss expectations inflation low
The Woolworths supermarket group has announced an average profit margin fell to 9.6 per cent from a year ago for the Se바카라사이트ptember quarter as rising customer churn and weak sa더킹카지노les figures led to an average decline in sales growth.
The annual results showed Woolworths made a 3.1 per cent loss in the quarter, which came on a 9.6 per cent increase in sales, compared with a year ago.
The retail giant also delivered higher results for customers compared with a year ago.
Revenue was up by 1.9 per cent to $3.65 billion from a year ago, the company said.
The results also saw Woolworths hit the bottom line record of $2.52 billion, well above its forecast of a $2.15 billion loss.
A further $4.6 million was put aside in cash to prepare for the impact of lower results.
“At the same time as we continue to support the business, we have taken steps to increase operational efficiencies for our management team,” Woolworths Chief Executive Andrew Wright said.
The results, which fell well behind analyst expectations and were forecast to be lower than analysts’ forecasts of $2.23 billion, were announced at the end of a quarter in which Woolworths recorded profit of $4.6 billion on $21.4 billion in revenue for the year.
The bank said a further $3.9 billion was put aside to prepare for the impact of lower margins and an expected increase in debt costs.
Woolworths Chief Executive Andrew Wright is now looking for a “strong” next step.
Speaking to reporters on the floor of Sydney’s company headquarters, Mr Wright said the loss was a “mixed message” for the group but he would be satisfied with further results.
The company forecast revenue would rise by 0.4 per cent to $9.52 billion in the year to September, which the Financial Review is forecasting will be $8.75 billion.
Woolworths is investing $10.8 billion in its Australian operations, an investment that has boosted earnings.
Its shares rose 7 per cent to $4.54 on Wednesday afternoo우리카지노n, but are still down more than 50 per cent from their all-time peak of $8.36 earlier this year.
The bank’s chairman Andrew Friesen said it showed that the future was bright for Woolworths.