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woolworths q4 sales growth slows; shares fall 2 pct
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woolworth shares fell 2 percent to a$26.15 by 0044 gmt on the sales figures, underperforming the broader market's 0.3 percent rise. woolworths chief executive michael luscombe described the sales result as solid at a time when consumers are tightening the purse strings. australian retailers face tough comparisons with last year, when government fiscal stimulus in the form of cash handouts lifted consumer spending and retail sales. rising interest rates have also dampened consumer spending while woolworths is also facing increased competition from its chief rival, wesfarmers-owned coles, which has improved its fresh food offering and cut prices to win over customers as part of a five-year turnaround. "traditionally they've outperformed the market (in sales and profitability) and now they're not doing that. so there's a little bit of a question mark over that," said david spry, research manager at f.w. holst. woolworths said fourth-quarter same-store sales for its core australian food and liquor operations grew 1.8 percent, down from a 2.0 percent rise in the third quarter. that was in line with market forecasts of 1.8 percent growth in same-store food and liquor, according to a reuters poll of four analysts. total sales at woolworths, including its big w discount chain and dick smith electronics, rose 4.2 percent to a$51.7 billion ($45.7 billion) in the fiscal year to june 27, in the lower half of its guidance for 3 to 6 percent growth. reflecting weak discretionary spending, big w sales dropped 9.3 percent in the fourth quarter. in the prior fourth quarter, sales had jumped 12.9 percent on the government cash handouts. total sales for the fourth quarter were up 3.9 percent to a$11.6 billion. woolworths has 823 supermarkets in australia and 152 in new zealand. woolworths, which is expanding into hardware via its joint venture with u.s. no.2 home improvement chain lowe's, has made no large acquisitions in recent years but is believed to be keen to do a deal to boost growth as its supermarkets' growth slows. analysts said woolworths might take a look at the asian assets being put up for sale by french retailer carrefour including stores in singapore and malaysia. woolworths has a business venture in india with tata with 46 stores. woolworths' shares have outperformed the broader market this year, declining 4.8 percent against the main index's 9.7 percent fall and rival wesfarmers' 9.1 percent decline.
Source :flex-news-food.com
Date :
21
July
2010
Category :
food industries Economic
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india does not allow foreign investment in multi-brand retail, but permits 51 percent foreign investment in single-brand retail and 100 percent in wholesale ventures. earlier this month, the commerce and industry ministry took a tentative step towards opening up of the organised retail sector in the country to foreign companies and put out a paper which discussed lifting investment caps. \"if the laws of the country change to opening of fdi in retailing, we could open hundreds of stores,\" bharti wal-mart managing director and chief executive raj jain said on thursday.
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just-food articles are only available to registered users and members.join now for increased accessthere are various access options to choose from. all provide instant access to the latest news, insight and expert analysis.french retailer intermarchã© is to occupy a 67,000 sqm distribution hub in a new logistics park development in montbartier, in the south-west of the country. join now for increased accessthere are various access options to choose from.
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siam makro, controlled by dutch cash-and-carry store operator shv holdings, planned to invest 1.5 billion baht ($46 million) this year to build four new branches, managing director suchada ithijarukul told reporters on tuesday. \"we should be able to achieve a growth target of more than 10 percent this year, although it might be as high as the 16 percent growth in the first quarter,\" suchada said, adding the high season for siam makro\'s business was in the second half.
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french retailer les mousquetaires is aiming for market share of 15% through the expansion of the number of intermarché express and netto outlets it operates. the company will roll out its intermarché express outlets, aiming to operate 24 by the end of 2010. it also plans to increase the number of netto stores it operates to 600 within the next three years. the new strategy is part of the retailer\'s focus on smaller stores in more central locations.
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just-food articles are only available to registered users and members.join now for increased accessthere are various access options to choose from. all provide instant access to the latest news, insight and expert analysis.the chairman and ceo of french retailer casino said the company has no plans to list its online arm cdiscount or sell its geant casino hypermarkets, according to local press reports.
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venezuelan army soldiers swept through the working class, pro-chavez neighborhood of catia in caracas last week, seizing 120 tonnes of rice along with coffee and powdered milk that officials said was to be sold above regulated prices. \"the battle for food is a matter of national security,\" said a red-shirted official from the food ministry, resting his arm on a pallet laden with bags of coffee. it is also the latest issue to divide the latin american country where chavez has nationalized a wide swathe of the economy, he says to reverse years of exploitation of the poor.
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following a fire last year that ravaged half of its factory, french crisp maker sibell is set to be fully operational this month, following a €15m clean-up investment that has increased production capacity by 40 per cent. the third biggest producer of crisps in france, sibell lost half of its 6.500m2 factory floor to fire in august last year, leaving just two production lines - snacks and prawn crackers - in operation.
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french retailer carrefour has reported a profit of e1.27 billion for 2008, a 45% decline compared to 2007.for 2008, sales rose 5.9% to e87 billion. according to retail week, group share of net income from recurring operations in 2008 was down 32.8% to e1.26 billion. commercial margin, as a percentage of sales, fell by 30 basis points as a result of the group's commitment to price competitiveness.
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earlier this month we reported on a new survey that revealed the stable, and increasing, market for snacks. this week a new report suggests that snack bars, snack mixes and energy bars continue to be a driving force in the snacks market, with steady growth in the sector predicted to continue in 2003. snack bars have fitted in well with emerging trends for organic, fortified and functional products over the last few years and are no longer seen as tasteless muesli bars just for health fanatics, concluded market researchers mintel in a review of their global new products database (gnpd) database.
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Coca.Cola
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PEPSI
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Mcdonald
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Nestle
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Mars
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Baskin & Robins
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Nutrika
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Mumika
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Chika
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