Crunch time for Woolworths

The Woolworths ship is changing skippers. But whoever steers her, the course must be the same – margins need to come down.

If Woolworths’ third-quarter sales performance was bad, the fourth quarter looks much worse. Yesterday the company announced that comparable sales for the 10 weeks to 14 June had fallen 0.7% (adjusting for Easter). It almost makes the 0.2% growth reported in the third quarter look acceptable.

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