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Australiaâs leading retailer, Woolworths Group Limited (ASX:WOW) has witnessed improvement in the sales momentum across the Group in the third quarter of FY 2019.
In an update provided on 2 May 2019, the company informed about the improvement in its Australian Foodâs sales momentum during the third quarter with Easter-adjusted sales growth of 4.7%, enjoying benefits from lower deflation and more settled weather. Along with Australian Food, the sales of Woolworthsâ Endeavour Drinks and BIG W also increased significantly during the period. After the challenging first half, the news of this improved sales momentum is very encouraging for the company. In its Endeavour Drinksâ segment, the company reported Easter-adjusted comparable growth of 5.9%.
While providing the results of the first half, the company had informed about the unsettled weather which negatively impacted the sales across all of the companyâs businesses. Now with more settled weather across key trading states and with the timing of New Yearâs Eve, the sales of Endeavour Drinks have rebounded but despite that, the company expects Endeavour Drinksâ EBIT for F19 to be lower than the prior year as it is investing in improving its range, service and convenience for its customers.
Woolworthsâ BIG W segment witnessed Easter-adjusted comparable sales growth of 7.4% underpinned by strong transaction growth but despite this, BIG W is currently expecting to report a loss before interest and tax of 80-$100 million in F19.
The group recently announced a $1.7 billion off-market buy-back. Opened only to Eligible Shareholders in Australia and New Zealand, the buy-back opened on 16 April 2019 and it is going to close on Friday, 24 May 2019, as per the companyâs announcement.
In the last three years, the company has invested over $1 billion in bringing down the prices of its products, to make them more affordable and it has also invested hundreds of millions in enabling customers to shop with Woolworths in a way that is convenient to them.
Along with improved operational performance, the companyâs stock performance is also worth noting with over 11% increase in its share price over the course of the last six months.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock traded at a price of $32.840, up by 1.893% during the dayâs trade with a market capitalisation of ~$42.26 billion as on 3 May 2019. The counter opened the day at $32.480 and reached the dayâs high of $32.890 and touched a dayâs low of $32.270 with a daily volume of ~ 2,651,721. The stock has provided a year till date return of 9.67% & also posted returns of 11.39%, 8.59% & 2.86% over the past six months, three & one-month period respectively. It had a 52-week high price of $32.890 and touched 52 weeks low of $27.030, with an average volume of ~3,235,254.
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