Woolworths Group sales for the first half of the year fell 3.1%, with sales in Woolworths Retail down 3.2%.
However, chairman Richard North said that “the retail business has seen a marked worsening of conditions in June and July in an increasingly competitive market. This is reflected in the sales figures for the last six weeks”.
Woolworths Retail like-for-like sales slumped 6.7% over that six-week period, to July 26.
The company said that a recent review of the business suggests that “there is a considerably opportunity for the group to build a sustainable value retail proposition based primarily on its small to medium sized stores.
“The review has also highlighted opportunities for improved stock management in the areas of ordering, weeks of stock cover held and availability.”
Woolworths is still looking for a new chief executive to replace Trevor Bish-Jones.