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Woolworths Group Limited

( ASX:WOW ) - ASX200 Food & Staples Retailing

News

Woolies Sales Surge But Staff Underpayments Blow Out

Another major pre-June 30 data dump from a major Australian company with Woolworths reporting big write-downs of more than $600 million, solid sales growth in recent weeks, preliminary earnings, more bad news on its employee underpayment scandal, job losses and three-quarters of a billion dollars to be spent on two huge distribution centres.

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Analyst Views

WOW – Morgans rates the stock as Hold

Woolworths has declared it cannot accurately forecast the impact of the virus on its full-year result. A trading update revealed strong recent sales growth on consumer hoarding, nonetheless leading to strain on supply chains to keep up with demand. Management noted, however, mayhem seemed to be easing last weekend.

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