Woolies chief banks on toys

Toys will play a crucial role for Woolies this Christmas says chief executive.
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The high street retailer is betting that consumer purchases in the lead up to Christmas will help see the firm through a tough financial period and predicts Transformers products will be its biggest children's seller.

Trevor Bish-Jones, chief executive of Woolworths (pictured) said its focus on children’s markets would provide a buffer, according to an article in the Telegraph.

"In the markets in which we operate products are overtly targeted at children, and at a time of recession spending on kids tends to hold up so that they can have a Christmas," said Bish-Jones.

He also said that if sales were lower than expected it could have a negative affect on the firm’s full year performance.

The firm has predicted DVD releases and associated products of Transformers, Shrek, Harry Potter and Pirates of the Caribbean will be the biggest sellers.

The firm reported an adjusted loss of more than £59 million for its first half results – an improvement of about £7 million. Like-for-like sales rose by 0.6 per cent while total group sales rose 16 per cent to just over £1 billion.

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