Woolies shares gain after sales beat estimates
Woolworths, the country’s biggest supermarket chain, said total sales for its fourth quarter rose 5.1 per cent to $12.9 billion even as food price deflation crunched revenue.
Woolies shares rose as much as 35 cents, or 1.3 per cent, to $27.97, compared with a drop of about 1 per cent for the overall market.
The company’s key food and liquor divison saw same-store sales rise 1.3 per cent, beating the 0.5 per cent pace expected by analysts in a Bloomberg survey.
For the full year, sales rose 4.7 per cent to $56.7 billion, with food and liquor sales rising 3.8 per cent to $37.5 billion. Sydney Morning Herald – Read more…