By C&I Week
Woolworths Limited’s food and liquor sales have increased 0.4 per cent to $10.7 billion for the third quarter. Following the sales result the supermarket giant has also announced plans to invest a further $150 million in price, customer service and loyalty as part of its long term growth strategy.
Average prices compared to the same quarter for the company last year were down 2.4 per cent, driven predominantly by the company’s investment in grocery prices. Excluding tobacco, average prices were down 3.5 per cent.
Aggressive competitor price activity, particularly in fresh, saw the company increase investment in April with the announcement of a number of store wide price drops with a focus on bakehouse and bread.
New store openings during the quarter included one Woolworths supermarket and a reduction of three Thomas Dux stores bringing the totals to 977 and six respectively.
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This story first appeared in C&I Week.