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News - 24 September 2006
Woolworths struggles to find new formula for success
Woolworths is fighting hard to stay on top of things but sales are still falling. The company is now looking to close 24 uneconomic stores and open 100 new ones that it hopes will perform better.
Group sales fell 3.6% to £982.9 million in the 26 weeks to 29 July and the loss before tax increased by £44.6 million.
The company has seen a decline in entertainment products such as CDs and DVDs although the recently formed 2entertain joint venture with the BBC seems to be performing well.
The company is putting more focus on Internet sales to compensate a flagging effort on the high street but it is not enough. Rising rents and rates and increasing energy and staff costs have not helped and as profits continue on a downward trend.
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