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Last Updated: Wednesday, 24 March, 2004, 07:34 GMT
Woolworths announces store refits
Woolworths store
High Street retailer Woolworths has said it is to refit 50 stores and downsize its out-of-town big W format to improve profits.

It comes after successful trials of its new 10/10 format.

Woolworths suffered a disappointing Christmas trading season, but said its pre-tax profits for the year to 31 January were up 76%, at �66.7m.

The company, which will invest �25m in its chain in the coming year, says trading in 2004 is in line with plans.

It comes after sales at stores open more than a year rose by just 0.8% over the all-important festive period.

Trevor Bish-Jones, chief executive of Woolworths Group said: "The combination of solid sales growth, further margin improvement and continued rigorous removal of excess costs, resulted in a second year of strong profit growth.

"Our customers are responding well to improvements in our store standards, and in our products and the continued focus on being famous for "kids and celebrations".

"By investing further in our stores we aim to deliver continued growth in the years ahead."

Woolworths says sells toys, children's clothes, music and household goods.




SEE ALSO:
Woolworths bets on festive boom
10 Sep 03  |  Business
Woolworths fails to crack Easter
14 May 03  |  Business
Woolworths trims losses
10 Sep 02  |  Business


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