Statement re. Press Comment

RNS Number:2470X
Woolworths Group PLC
14 June 2002



Woolworths Group plc statement re: press reports


Following press reports, the Board of Woolworths confirms that, in the context
of the future strategy for both clothing and big W, exploratory discussions have
been held with Mr Philip Green to examine the benefits of a closer relationship
between Bhs and Woolworths, including the possibility of a merger.

The Board believes Woolworths' most important priority should be the
implementation of its recovery plan. After due consideration of the potential
benefits of a merger, the Board does not believe that such a merger, with its
attendant risks and uncertainties, would be in the best interests of
shareholders. Accordingly, Woolworths has terminated the discussions.

The Board of Woolworths is confident in its three-phase recovery plan to achieve
a turnaround of the business and thereby deliver substantial value to
shareholders. Phase One has already been completed with the reduction of stock
and debt inherited at the time of the demerger, the strengthening of the
management team and implementation of operational improvements to the business.
Phase Two of the recovery plan is underway with management now focusing on
profit recovery.


Enquiries:

Tulchan Communications     020 7353 4200

Andrew Grant

Katie Macdonald-Smith


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

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