Woolies down at half-time

Woolies has announced its half year results, showing a slight dip in sales and increased losses.
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Figures for the 26 weeks ended August 2nd 2008 showed Group sales down 3.0 per cent to £1.1m; like-for-like sales down 3.2 per cent and pre-tax losses increasing from £63.8m in the first half of the previous financial year to £99.7m.

However, with new chief executive Steve Johnson now on board, the retailer says it is confident it can turn around the business. Indeed, like for like sales since August 2nd are up 0.4 per cent.

Richard North, Chairman of Woolworths Group plc, said: “For the first half of the year EUK and 2 Entertain are performing ahead of our expectations, while Woolworths Retail manifestly is not. However, the Board believes that the strength of our entertainment businesses provides a solid platform of profitability from which the turnaround of the retail business can be based.

“The Board of Woolworths is delighted that Steve Johnson has now started as Chief Executive. Although he has been in the job for less than a month he has already demonstrated the strategic and operational skills and the energy needed to help take Woolworths to the next stage of its development.”

Steve Johnson, Chief Executive, said: “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. 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. 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.”

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