Woolworths: Underlying trends remain supportive
About the author:
- Author name:
- By Alex Lu
- Job title:
- 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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