Woolworths posts £90.8m loss
Wednesday 17th September 2008, 11:47AM BST.
Woolworths has reported a half year loss of £90.8 million as retail like-for-like sales fell 3.2 per cent over the first half.
The loss includes profits from three of the four stores Woolworths agreed to sell to Waitrose, the company said.
The retailer, which has suffered through the consumer downturn, added there will be no interim dividend this year.
Woolworths has seen sales fall over the last year and has brought in Steve Johnson, the former head of DIY chain Focus, as chief executive to revitalise the business.
Mr Johnson 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.”
After only starting the job on September 1st, Mr Johnson said it was too early to unveil his strategy.
“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 customer,” Mr Johnson added.
The group said underlying problems that have faced Woolworths for a number of years have been exacerbated by an increase in costs and a slowdown in consumer demand.
A recovery plan is in place but will take time to take effect, the retailer added.
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