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Woolworths reported a deterioration in underlying sales at its high-street shops but said profit margins had improved as it managed stock more effectively.

London – Woolworths reported a deterioration in underlying sales at its high-street shops but said profit margins had improved as it managed stock more effectively.

Woolworths’ like-for-like sales at its high-street stores fell 0.6 percent in the first 17 weeks of its financial year, from the 0.8 percent rise reported after the first seven weeks, it said yesterday. Woolworths said the deterioration was due to strong comparative sales in the same period of last year, when it cut prices to clear stock. “With our improved stock quality, such activity was not required this year,” it said. – Reuters