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Sales drop for struggling Woolworths
HIGH street retailer Woolworths has announced a 3.2 per cent drop in like-for-like sales for the 26 weeks to August 2.
The company's interim results also show a pre-tax loss of 99.7 million.
Woolworths, which has five Edinburgh stores, said it had struggled to shift summer product lines.
Since August 2 though, like-for-like retail sales have risen by 0.4 per cent, providing a glimmer of hope for the company's retail arm.
The firm's new chief executive, Steve Johnson, who recently succeeded Trevor Bish-Jones, said: "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."
Group chairman, Richard North, said third-party CD and DVD sales through Entertainment UK and video and music publishing venture 2 entertain were ahead of expectations.
The announcement by Woolworths comes as the Scottish Retail Consortium revealed overall like-for-like sales growth in August was at its lowest level since 2005.
Scottish Retail Consortium director, Fiona Moriarty said: "These are the worst August sales figures since 2005.
But she added: "Overall, Scottish like-for-like sales were still up year-on-year compared with falls in other parts of the UK."
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Monday 28 May 2012
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