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BULLETIN: Woolworths' First-Half Sales Result Has No Ratings Impact Feb 04 Product Image

BULLETIN: Woolworths' First-Half Sales Result Has No Ratings Impact Feb 04

  • ID: 2092110
  • February 2004
  • Standard & Poors

Abstract
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.
Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Woolworths Ltd.,Coles Group Ltd.

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Note: Product cover images may vary from those shown

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