Woolworths sales miss expectations inflation low, but are up for grabs, according to economist Alan Clarke.
Woolworths chief executive Paul Hester said the retailer had missed its forecast for a 3.1% fall in the value of its products, reflecting falling consumer confidence and the impact of lower commodity prices.
The biggest drop was in furniture, with a fall of 3.4%.
Woolworths predicted a total 3.4% fall in the바카라 value of its products, according to market researchers Euromonitor.
‘CURRENTLY TOTALLY CLOSE’
On a positive note, Woolworths said it expected average prices in its main retail stores for the remainder of 2013 to rise 3.8% to £24.30.
A report by rival rival Marks and Spencer showed its prices for clothing, shoes, home goods and office goods were expected to fall 2.9% on a year-on-year basis to €1.071, a fall of 0.6% on the previous quarter.
The discount outlet was expected to report sales growth of just 1.9% for the whole of the year, with only 3.1% for the period ending in May.
Woolworths chairman Chris Morris has said his firm will survive the weak Australian economic year, but his outlook has been revised back to “catastrophic” from “stable”.
Hester told investors the discount centre would not report figures this week, but that it should be “very close” to the target.