BULLETIN: Woolworths' First-Half Sales Result Has No Ratings Impact Feb 04
- ID: 2092110
- February 2004
- Standard & Poors
MELBOURNE (Standard & Poor's) Feb. 3, 2004--Standard & Poor's Ratings Services today said that Woolworths Ltd.'s (WOW; A-/Stable/A-2) 7.6% increase in sales for first-half fiscal 2003, and modest positive revision to its full-year earnings guidance, would have no impact on the ratings or outlook on the company. Although the sales results were broadly in line with expectations, continuing strong market competition across all divisions, together with lower food industry growth and some seasonal influences in the general merchandise businesses, tempered growth rates across the group. Importantly, however, the 3.8% same-store sales growth result in WOW's key food and liquor business in the second quarter evidenced a material improvement from the weak first-quarter result, and demonstrated the group's ability to adequately...
Companies mentioned in this report are: Woolworths Ltd.,Coles Group Ltd.
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