WOW +3.27% Reported earnings that were ~1% ahead of expectations, a special dividend, good sales momentum to start FY25 and higher than expected margins….the Government/Media will have a field day!
- Total sales of $67.92 billion, +5.6% y/y, vs estimate of $67.34 billion
- Underlying Ebit of $3.22 billion, +3.4% y/y, estimate of $3.17 billion
- Ebit margins in food came in at 6.13% vs 6.0% expected
- Underlying Npat (before significant items) $1.71 billion, -0.6% y/y, estimate $1.72 billion
- Final dividend per share $0.57 vs. $0.58 y/y + a $0.40 Special Dividend
They said sales momentum continued to improve across the group, with Australian food sales for the first 8 weeks of FY25 up approx. 3% (though that trailed Coles yesterday at 3.7%). Expect woollies to be all over the news tonight with CEO Brad Banducci handing down his last result before stepping down, probably a bit too strong given the current climate around supermarket profits….
MM is neutral on WOW
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