Australia's Woolworths cautiously optimistic on 2010 outlook
WOLWF | Quote | Chart | News | PowerRating -- Australia's leading retailer
WOOLWORTHS LTD (ASX:WOW) has maintained its sales and earnings
guidance for fiscal 2010 and pointed to a change in customer
behaviour driven by tough conditions produced by the global
economic downturn. Chief executive Michael Luscombe told
shareholders at its annual general meeting in Sydney that while
the company had entered its new fiscal year in an optimistic
mood, there were uncertainties, such as rising interest
rates.
* "And whilst consumer confidence has started to recover, we
believe many consumers have actually learned some lessons about
how to manage their income more effectively and the quest to
extract the best possible value will continue for some time to
come," he said.
* Mr Luscombe reconfirmed its guidance for fiscal 2010 sales
to grow in the upper single digits, excluding petrol sales.
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