Woolworths warns families will cut back this Christmas

Summarised from 2 outlets · Updated 29 Oct, 02:15 · Archive

Woolworths has warned many Australian families face a tighter Christmas as cost-of-living pressures mount.

Woolworths chief executive Amanda Bardwell told shareholders at the supermarket giant's annual general meeting on Thursday that many Australian families would be cutting back their Christmas spending. The retailer said four in 10 customers often struggle to make ends meet, as cost-of-living pressures continue to bite. Interest rates have risen four times this year, whilst fuel, electricity and insurance are rising faster than food prices.

Ms Bardwell said customers were managing budgets carefully and making trade-offs when shopping. Many were planning earlier to spread costs, and others were saving their rewards dollars for Christmas. She noted groceries make up around 10 per cent of household spending for Australian families with mortgages.

Despite the warnings about consumer hardship, Woolworths reported strong sales figures. First quarter sales were up 4.7 per cent to $19.4 billion, beating market expectations. Food sales rose 6.9 per cent to $14.84 billion over the 14 weeks to 4 October, with like-for-like sales up 6.1 per cent. Bardwell said Woolworths would work to earn customers' business by delivering 'dependable, low prices'.

How it is being reported

• Woolworths warns families will cut back this ChristmasWoolworths has warned many Australians face a “tighter Christmas” as the supermarket giant revealed four in 10 customers struggle to make ends meet.The West Australian · 29 Oct, 02:06
• Woolworths warns families will cut back this ChristmasWoolworths has warned many Australians face a “tighter Christmas” as the supermarket giant revealed four in 10 customers struggle to make ends meet.Perth Now · 29 Oct, 02:05

In this story: Woolworths · Amanda Bardwell · Australia

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