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20/09/2006
Woolworths reports sales drop
Woolworths has reported a drop in sales, blaming a "tough market" and increased pressure from supermarkets, specialist retailers and internet sales.
The retailer posed pre-tax losses of £66.8 million in the first half of 2006, compared to £36.2 million last year.
Like-for-like sales also dropped by 8.3%, although they only dropped by 3.5% in the seven weeks to September 16.
However, Woolworths said that it was undertaking a major revamp operation of its stores in a bid to become the UK's leading retailer for celebrations, such as Easter and Christmas goods.
The company's 2entertain audio and visual publishing division and home entertainment distributor division EUK also reported an increase in sales, of 12% and 9.9% respectively.
Woolworths also said that summer sales had been affected by the World Cup and the July heatwave.
The warm weather had helped boost sales of outdoor goods, but had affected sales of indoor toys and chocolate.
Chief Executive Trevor Bish-Jones said: "These results highlight a mixed performance across the group. Our entertainment companies 2entertain and Entertainment UK have both performed very well. Woolworths' figures are comparatively much weaker, evidencing the tough market conditions in which is has been operating. A reduction in first half sales has been the primary driver of the increased first half loss.
"We are expecting a better performance in the second half from the significant amount of work undertaken to improve the infrastructure of the retail business."
(KMcA/EF)
The retailer posed pre-tax losses of £66.8 million in the first half of 2006, compared to £36.2 million last year.
Like-for-like sales also dropped by 8.3%, although they only dropped by 3.5% in the seven weeks to September 16.
However, Woolworths said that it was undertaking a major revamp operation of its stores in a bid to become the UK's leading retailer for celebrations, such as Easter and Christmas goods.
The company's 2entertain audio and visual publishing division and home entertainment distributor division EUK also reported an increase in sales, of 12% and 9.9% respectively.
Woolworths also said that summer sales had been affected by the World Cup and the July heatwave.
The warm weather had helped boost sales of outdoor goods, but had affected sales of indoor toys and chocolate.
Chief Executive Trevor Bish-Jones said: "These results highlight a mixed performance across the group. Our entertainment companies 2entertain and Entertainment UK have both performed very well. Woolworths' figures are comparatively much weaker, evidencing the tough market conditions in which is has been operating. A reduction in first half sales has been the primary driver of the increased first half loss.
"We are expecting a better performance in the second half from the significant amount of work undertaken to improve the infrastructure of the retail business."
(KMcA/EF)
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