June 17, 2005 New Finance Director & Sales ResultsOrganisation: Woolworths
Analysis and commentary by Echo Research. There was a poor start to the week for Woolworths as it admitted a like-for-like sales downturn of 4.4% over the 18 weeks to June 4th, evidence for some of a deeper malaise in the high street, " Woolworths adds to UK retail gloom"(FT, 7/6). Indeed Kevin Hawkins of the British Retail Consortium asserted that Woolworths figures, "should remove any lingering doubt that we are now in a consumer-led recession"(Guardian, 7/6). Woolworths, however, presented the news with an adept hand, highlighting its management of costs, refocus on higher profit goods, ongoing store refurbishment and disposal programme of Big W and MVC stores. Further positive news followed, with the announcement of a boardroom expansion, " Three in as Woolies looks to strengthen boardroom"(Edinburgh Evening news, 10/6). The move included two internal promotions and a new Finance Director, Stephen East. The appointments, designed to bring
"added strength and expertise"to the management team (Scotsman, 11/6), were welcomed by CEO Trevor Bish-Jones, who noted that
"after three months without a finance director, you realise they do have their uses"(Telegraph, 8/6). Mr East was similarly enthusiastic over his new role stating,
"Woolworths is a fantastic high street brand and a business with a lot of potential"(Sky.com, 10/6).
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