THE DISTILLERY: Woolworths wedge

The commentariat questions Woolworths' massive capex compared with its sales result, and it seems Dulux's last-ditch attempt for Alesco is unlikely to be a winner.

It's a sign of the times when Woolworths is able to present a tiny bump in quarterly sales as a credible result, but the retail giant's latest figures have been cautiously welcomed by the commentariat. While some jotters are concerned that growth in company spending is outpacing the rate that new money is flowing into the tills, another points out that it's perception, rather than performance, which matters most to investors right now. Meanwhile, DuluxGroup's increased bid for Alesco gets a tired thumbs down, and there are new fears that the mining boom is quickly coming to an end.

But first, The Australian's John Durie relays questions about the effectiveness of Woolworths' recent investment binge.

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