Woolworths' Retail Losses Deepen

U.K. variety store retailer Woolworths has reported deepening first half losses. Group sales were down 3 percent to £1,107 million, while retail like-for-likes were down by 3.2 percent for the period. Loss before tax was £99.7 million, down fr

April 6, 2018

New chief executive Steve Johnson is undertaking a strategic review of the business.

"I took this job because I am convinced that there is space on the high street for a successful home-based variety store offering great value and convenience," says Johnson. "My first weeks in the job have only reinforced that view and shown me that Woolworths has a core of strong, profitable stores, a great retail brand and many very committed people who want to succeed."

"It is too early for me to have a fully developed strategy," he continues. "That plan is in progress but still some way from completion and we will update investors as soon as possible. Right now, this business does not require lots of new strategic initiatives,

it requires a good dose of basic shop keeping and attention to the detail of retailing. Everyone in Woolworths is clear that our first priority—in all parts of the Group—is delivering a successful Christmas for our customers."

Subscribe and receive the latest news from the industry.

Join 62,000+ members. Yes, it’s completely free.