Woolworths suffers like-for-like sales drop

Woolworths has recorded a fall in like-for-like sales for the 38 weeks up to the end of October, reported

Marketing Week

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Despite the 0.4 per cent dip, the retail chain’s total group sales were up by 16.6 per cent thanks to acquisitions and new contracts relating to its entertainment wholesale business.

Elsewhere, sales at 2 entertain increased by 14.5 per cent, mainly attributed to strong American sales of Planet Earth.

"We have made good progress across all of our businesses in the year to date,” said Trevor Bish-Jones, Woolworths chief executive. We are confident that operationally the businesses are in good shape, with strong customer propositions going into the critical Christmas trading period. However, we continue to be cautious about the trading environment and have planned accordingly by focusing on the cost control, cash generation and margin enhancement."