Saturday, June 22, 2024

Woolworths releases first quarter results

Woolworths has released its 2024 first quarter results, with Group sales revenue increasing 5.3% to $17.22 billion.

Across the retailer’s Australian food division, total sales increased 6.4% to $13.1 billion.

“Importantly for our customers,” says Woolworths Group CEO Brad Banducci, “inflation in our food businesses continued to moderate over the quarter driven mainly by deflation in fruit and vegetables and meat as lower input costs in these categories have led to lower retail prices.”

Supermarkets

Woolworths’ supermarkets sales for Q1 were $11 billion, up 4.4% (5.9% ex tobacco) on the prior year.

E-commerce sales of $1.6 billion continued the momentum from Q4 F23 with sales growth of 18.4%.

Prices

Average prices in Q1 increased 2% compared to the prior year with the moderation compared to previous quarters primarily as a result of deflation in fruit and vegetables and meat.

Excluding tobacco and fruit and vegetables, average prices increased by 4% with some moderation in long life categories.

Fruit and vegetables average prices declined by approximately 12% due to improved growing conditions with berries, lettuce, cucumbers, capsicum and tomatoes all declining materially.

Stores

During the quarter, 15 Woolworths supermarket renewals were completed, five net new supermarkets were opened, and nine small supermarkets were converted to Metro food stores.

At quarter end, the total network comprised 998 Woolworths supermarkets, 102 Metro food stores, 713 Direct to boot locations, seven CFCs and two eStores.

Seven new Mini Woolies stores were opened in the quarter bringing the total to 48 Mini Woolies stores at the end of Q1.

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