Woolworths Group Half-Year Results Announcement

Woolworths Group (ASX: $WOW) has released its Half-Year Results Announcement for the period ended 31 December 2023. The Group reported a 4.4% increase in sales, driven by strong growth in eCom sales. Group EBIT before significant items increased by 3.3% to $1,692M, with a mixed performance by business segments.

Executive Commentary by Woolworths Group CEO, Brad Banducci

The Group's first half F24 result was mixed and reflects solid results from Australian Food and Australian B2B somewhat offset by the impacts of a very challenging trading environment on New Zealand and BIG W. Encouragingly, customer scores have held up with Group VOC NPS of 50, down one point on the prior year. Customer Care and shelf availability were the highlights; however, our customers' concerns about the cost of living continues to impact our Value for Money scores which remains our key focus for H2.

Summary of Half-Year Results and Outlook

Woolworths Group reported a 4.4% increase in sales, driven by strong eCom sales growth of 17.8%. The Group's focus for the second half of the year is on delivering value for customers, particularly addressing concerns about the cost of living. The Group aims to sustainably improve the performance of the New Zealand and BIG W businesses, recognizing the challenges faced in these segments. Woolworths Group remains committed to enhancing long-term shareholder value through funding its business at an optimized weighted average cost of capital and solid investment grade credit ratings.