Outgoing chief executive Brad Banducci says cost-of-living pressures have hit the supermarket giant.
Outgoing Woolworths chief executive Brad Banducci has cited ongoing cost-of-living pressures such as higher rent and utilities, the absence of a collectibles program and bad press as the reasons behind an underwhelming third quarter for the supermarket giant.
“In the market, we’re not uncomfortable with where we are on own-brand. We’ve got more work to do to drive innovation and excitement and availability there, but we aren’t really uncomfortable with where we are in the setting and the role that our brands play to deliver value for our customers.”Banducci said the supermarket could improve on communicating its value to customers, but said he would like to “see a more balanced narrative in the community”.
Online shopping sales grew in the third quarter by 18.4 per cent to $1.6 billion compared with Coles’ growth of 34.9 per cent.In other parts of the business, Big W sales fell by 4.1 per cent to $1 billion as lower-income households shop at the discount department store on a needs basis and are pulling back most significantly on clothing and homewares.
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