WOW +1.36%: A beat for Woolworths today, following on from the decent first half report seen by Coles (COL) earlier in the week. Sales were in line while NPAT came in around 6% better than expectations at $795m. Costs were well controlled despite the difficult conditions caused by supply chain and labour issues. The second half has started strongly as well with Australian food sales up 5% on pcp for the first 7 weeks of the year, though there has been some normalization in recent weeks. They said all things being equal, the 2H should be better so expect upgrades to follow for FY22 numbers.
MM is bullish WOW into recent weakness
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