CHRIS GILMOUR: Food division is cooking, but no clear direction for Woolworths
It needs to show it can move to the next level locally — and there are few signs this is happening
The Woolworths share price has recently hit an almost two-year low after the retailer came out with poor interim figures. Investors are also unsure of where this former retailing icon is going in terms of growth, either acquisitive or organic.
The foods division, which has always been the mainstay of the business, is taking increasing strain from Checkers, which is in the Shoprite group. What appears to be lacking in Woolworths’ makeup now is a sense of direction. Having eventually disposed of its David Jones department store business in Australia in 2023, the group now needs to demonstrate that it has the wherewithal to move to the next level locally — and there are precious few, if any, signs that this is happening...
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