Woolworths' sales slip

Retailer aims to concentrate on cost control, cash flow and margin enhancement in the future.
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Woolworths remains cautious about the retail market after reporting a slight fall in comparable sales for the 38 weeks of the financial year, ending October 27th.

Comparable retail sales fell by 0.4 per cent for stores open at least a year, compared to a 0.6 per cent rise in comparable sales for the first-half of fiscal 2008.

In a more positive fashion, total group sales have risen by 17 per cent over the same 38-week period, stimulated by acquisitions and contract wins in the entertainment wholesale business, according to the retailer.

Trevor Bish-Jones, chief executive of Woolworths said it has made good progress overall.

"We are confident that, operationally, the businesses are in good shape, with strong customer propositions going into the critical Christmas trading period.”

“However, we continue to be cautious about the trading environment and have planned accordingly by focussing on cost control, cash generation and margin enhancement," Bish-Jones said 

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