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21/09/2005
Woolworths announces increase in losses
Woolworths has announced an increase in losses, blaming tough trading conditions for the increase.
The group reported an increase in first half losses of £3 million, increasing to £35.9 million.
Group sales from continuing operations also dropped down 2.9% to £1,037.6 million. However, the rate of sales decline had decreased, Woolworths said, with like-for-like sales falling 1.7% in the eight weeks since July 25.
Woolworths normally posts a loss in the first half of the year, relying on the Christmas trading period to boost profits.
The firm also recently introduced a series of cost-cutting measures, which included a freeze on recruitment, head office job cuts and a reduction on the marketing budget.
Trevor Bish-Jones, Chief Executive of Woolworths, said: “The tough trading conditions have had an impact on the performance of the retail chain.
“We have continued to work hard in the period to improve the underlying infrastructure of the business, reduce costs and maintain our gross margins.
“We expect the environment to remain challenging and we are planning further cost savings, as well as improvements to the underlying value in our offer. As ever, our success is driven by how well we trade over the Christmas period, and in that, it’s still all to play for.”
(KMcA/SP)
The group reported an increase in first half losses of £3 million, increasing to £35.9 million.
Group sales from continuing operations also dropped down 2.9% to £1,037.6 million. However, the rate of sales decline had decreased, Woolworths said, with like-for-like sales falling 1.7% in the eight weeks since July 25.
Woolworths normally posts a loss in the first half of the year, relying on the Christmas trading period to boost profits.
The firm also recently introduced a series of cost-cutting measures, which included a freeze on recruitment, head office job cuts and a reduction on the marketing budget.
Trevor Bish-Jones, Chief Executive of Woolworths, said: “The tough trading conditions have had an impact on the performance of the retail chain.
“We have continued to work hard in the period to improve the underlying infrastructure of the business, reduce costs and maintain our gross margins.
“We expect the environment to remain challenging and we are planning further cost savings, as well as improvements to the underlying value in our offer. As ever, our success is driven by how well we trade over the Christmas period, and in that, it’s still all to play for.”
(KMcA/SP)
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