WLW Woolworths

RNS Number:2400W
Woolworths Group PLC
22 May 2002

                                                         





                                         Embargoed until 07:00 hrs 22nd May 2002


                              WOOLWORTHS GROUP PLC


                           AGM STATEMENT 22 MAY 2002


Gerald Corbett, Chairman of Woolworths Group plc will today give the following
trading update at the company's Annual General Meeting.



"Since demerging from Kingfisher last year, we have addressed the high levels of
overstocking, paid down the debt, taken action on loss making businesses and
significantly strengthened the management team.  The priority for the business
this year, as part of phase 2 of our recovery programme, is profit recovery.



In the 15 weeks of the new financial year (up to 18 May), Group sales compared
with the same period last year are up 5.8% from £586 million to £620 million and
flat on a like-for-like basis.  Easter trading was satisfactory across the Group
and although April was disappointing May has begun more strongly.



Like-for-like sales in the Woolworths Mainchain were down 1%, impacted by a weak
performance in our 116 City-centre Stores, which were down 3%.  Like-for-like
sales in our 678 Woolworths Local Stores were flat.   Results from the 4 trial
stores for the new Local format continue to be encouraging and the 50 store
rollout programme for this year will begin in June.  In our City Stores the
planned new ranges are now being introduced and the new EPOS system is currently
operating in 78 stores.  By October a further 79 stores will have been upgraded.



In big W, our out of town format, like-for-like sales grew by 5%.  The
performance of big W, particularly the stores opened last year, continues to be
encouraging. A review of its expansion plans and supply arrangements is
underway, with a planned update at the half-year results in September.



The review of Woolworths General Store is now complete.  As a result of concerns
over the long-term supply of Health & Beauty, uncertainty over the value of
pharmacy licences and the low returns being achieved, the roll out has been
stopped.



Like-for-like sales in MVC increased by 5%; EUK and VCI continue to perform
well.



The Board remains confident of its plans for profit recovery in phase 2.  Cost
control, margin enhancement and operational improvements are the key priorities
for the year ahead and the early signs are encouraging."



Woolworths Group plc interim results for the 26 weeks ending 3 August 2002 will
be released on 11 September.


Gerald Corbett

Chairman



                                    - Ends -





For further information contact:-


Christopher Rogers, Group Finance Director:  + 44 (0) 207 706 5883

Nicole Lander, Head of Corporate Affairs:    + 44 (0) 207 706 5653


Tulchan Communications:                      + 44 (0) 207 353 4200





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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