Woolworths registers third quarter sales 4.7% higher

Woolworths registers third quarter sales 4.7% higherWoolworths Ltd., the biggest retailer in Australia, announced today that the sales were reported up b 4.7% in the third quarter ended April 4, 2010. Despite the increase in Q3 sales, the retailer lowered its sales forecast for the year. Woolworths lowered its yearly outlook as its third quarter food and liquor sales growth missed analyst expectations.

Woolworths said in its quarterly report that total sales for the 13 weeks ended April 4 were reported of $A12.91 billion, increasing by 4.7% while it was reported of $A12.33 billion in the same period last year. Woolworths said that its third quarter total sales excluding petrol were reported of $A11.04 billion, increasing by 3.8% comparing to the same period last year.

Woolworths said that same store food and liquor sales grew by 2% in the third quarter, missing the expectations of the market analysts. Analysts were anticipating growth of around 3% for the period. The sales from Big W discount department stores of Woolworths were reported of $A923 million in the third quarter, decreasing by 3.7% compared to the same period last year.

Disappointed from its third quarter food and liquor sales, Woolworths said that it is cutting its sales forecast for the full year. The retailer now expects sales growth between 3% and 6% for the full year. However, Woolworths stuck to its net profit growth guidance of 8%-11% for the full year.