Woolworths (ASX:WOW) reports group sales up 10.7%

Woolworths (ASX:WOW) reports group sales up 10.7%


Woolworths (ASX:WOW) has seen sales skyrocket during the pandemic.

The chain reported group sales from continuing operations were up 10.7 per cent to $16.5 billion for the 13 weeks to April 5 and online sales rose 34 per cent to $817 million.
Australian food sales were up 11.3 per cent while New Zealand food sales were up 13.7 per cent.

Woolworths Group CEO Brad Banducci said the last four months had been one of the most challenging periods in the history of Woolworths with group sales growth for the quarter strong across all businesses apart from Hotels.

The Hotels business was closed on 23 March following a Federal Government directive in response to COVID-19 although sales for the first 11 weeks of the quarter increased by 3.2% with comparable sales for the 11-week period increasing by 2.4%.

Shares in Woolworths (ASX:WOW) are trading 0.1 per cent lower at $35.98.
Copyright 2020 – Finance News Network

Source: Finance News Network

Share this post