Why have shares in Woolworths (WOW) fallen today?
WOW -3.86%: 3Q sales were softer than the market had hoped for today, food sales off 0.7% on 3Q20 – interestingly the company noted that the first 7 weeks of the quarter sales were up 8% but diving 10% for the last six weeks given lockdowns kicking in around that time last year. Coles (COL) was out yesterday, and they missed by a larger quantum than WOW did with -6% LFL sales vs -4% expected. The stock was up though, and did better today as the market liked their plan of attack as they look to grapple some of the market share back off Woolies…Prices DOWN DOWN DOWN…
We prefer Metcash (MTS) in the groceries space
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