Christmas trading update - Tuesday

New Look: +8.8% Debenhams: +8.5% Tesco: +6.2% Safeway: +4.1% JD Sports: +3.0% Woolworths Group: +1.1% (Woolworths stores: -3.5%) Mothercare: -4.0%

Sales at the group grew by 1.1% for the nine weeks to 5 January, compared with the same period a year before, but sales at Woolworths stores fell by 3.5%.

"The performance of the (Woolworth stores) shows how much work there is to do to reinvigorate its position in the eyes of the consumer and improve retail disciplines," company chairman Gerald Corbett said.

Shares in Woolworths closed 5.75p, or 13%, lower at 37p on Tuesday.

Stock clearance

Woolworths was floated off by its former parent Kingfisher in August last year.

At the time of the float it was known that its sales had been performing poorly, and that over-optimistic buying had left Woolworths' stores with large stocks of unsold items.

The firm said the disappointing festive sales together with the ongoing clearance of excessive stocks would have a "material impact" on the group's profits.

There was slightly better news from its MVC music stores and Big W out-of town stores which both saw a rise in sales.

The company also said it was on course to achieve its debt reduction and de-stocking targets for the year.

And it announced that Trevor Bish-Jones - who is currently managing director of the Curry's electrical goods chain - has been appointed as chief executive.