2023-10-24 21:55:53
Australian group Woolworths on Wednesday reported a 5.3% jump in first-quarter sales, supported by sustained demand for fruit, vegetables and meat-related products due to falling prices and rising availability in its food activities.
While cost of living pressures remained high across Australia, demand for food and essential items remained strong, with supermarkets passing on rising costs from suppliers to consumers.
The country’s top grocer reported total sales of A$17.22 billion ($10.94 billion) for the quarter ended September 30, up from A$16.36 billion a year ago, and a Jefferies estimate of A$17.21 billion.
The company made progress across all its business segments, although inflation in its food businesses continued to moderate during the quarter as lower input costs in the produce and meat categories led to lower retail prices and increased demand, she said.
Woolworths’ most profitable segment, Australian Foods, recorded sales growth of 6.4 per cent to A$13.08 billion in the reported quarter. ($1 = 1.5736 Australian dollars) (Reporting by Roushni Nair and Echha Jain in Bengaluru; Editing by Shailesh Kuber)
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