Woolworths profits to plunge

Woolworths released its first quarter sales numbers this morning. Expect a review from us later today.

While Woolworths’ first quarter sales results were within expectations, management’s decision to accelerate ‘investment in price, service and customer experience’ will lead to first half underlying profit falling 28%-35%. We expect the stock to fall sharply on this news.

We’ll be on the conference call today at 11am, and expect to publish a review later today. Until then, our recommendation on Woolworths is changing to UNDER REVIEW.

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