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Highlights:
- Brad Banducci, Woolworth’s CEO, apologised for the MyDeal data breach.
- The company is expected to share its quarterly update on 2 November 2022.
Australian retailing giant, Woolworths Group Limited (ASX:WOW), on Wednesday (26 October 2022) shared the chair’s address during the annual general meeting (AGM) 2022 via an ASX filing.
During the AGM 2022, the company’s CEO, Brad Banducci, apologised for MyDeal’s data breach, which reportedly affected 2.2 million customers. Banducci highlighted that no password, driver’s licence, or payment details were hampered. In addition to this, the Woolworths Group platform was not compromised, as the MyDeal data was on a different platform.
Banducci added:
What did Woolworths’ CEO say about FY22 results?
Banducci said that financial year 2022 (FY22) was the third year of challenging operating conditions for the group. Both the Omicron and Delta variants of COVID-19 affected operations across stores and the supply chain, particularly during the first half of the year.
The disruptions increased further due to flooding events and inclement weather events.
The company reported a 9.2% increase in group sales and a 39% surge in eCommerce sales in FY22. Sales penetration reached 11%. The group EBIT fell by 2.7%; in the first half of the year the EBIT had dropped by 11%.
Update about the current performance of Woolworths
- Banducci said that sales during the first eight weeks of FY23 dropped by 0.5% in the Australian Food category. Sales in BIG W increased by approximately 30%.
- In New Zealand, the company registered a fall of 1%.
- The company is expected to share details of the first quarterly performance next Thursday, that is, 2 November 2022.
Share performance of Woolworths
Yesterday (26 October), Woolworths closed 3.15% lower at AU$32.33 apiece. Meanwhile, the Consumer Staples sector closed 2.39% down. Today (27 October 2022), Woolworths shares were spotted trading 0.34% higher at AU$32.42 apiece at 10:31 AM AEDT.
In the last five trading sessions, Woolworths’ share price has dropped 2.08%, and in one month, it has fallen 6.24%. The share price has decreased by 17.16% in one year, and in six months, it has dropped by 14.38%. On a year-to-date basis, the share price has fallen by 15.67%.
