Woolworths: Underlying trends remain supportive

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Alex Lu
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By Alex Lu
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Date posted:
03 May 2023, 7:00 AM
Sectors Covered:

  • Woolworths' (ASX:WOW) 3Q23 sales trading update overall was marginally better than we expected.
  • Australian Food and NZ Food like-for-like (LFL) sales growth was higher than our forecast, while BIG W was below.
  • Management said 4Q23 sales trends have been in line with 3Q23 with solid sales growth in the Food businesses and growth moderating in BIG W.
  • We make negligible changes to FY23-25F earnings forecasts.
  • Our target price remains largely unchanged at (login to view) and we maintain our Hold rating.

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