Woolworths Ltd lowered its full-year sales outlook last friday in the face of food deflation and weakening consumer sentiment, despite posting a 4.7% increase in third-quarter sales.For the three months to 4 April, Woolworths said total sales increased to A$12.91bn, up from $12.33bn last year. Excluding fuel, sales gained 3.8%, the company added.

The group reiterated its full-year guidance for profit growth in a range of 8-11%.

However, Woolworths said that food deflation and the cycling of last year’s government economic stimulus package would dent sales growth. Woolworths lowered its revenue target from upper single digit growth to a 3-6% range.

just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/

Share