Woolworths (ASX:WOW) today reported a modest 4.2% sales growth in Q1, with overall revenue of $13.4 billion.
The company recorded sales growth in every business area but petrol, which declined 16.4% to $1.44 billion. Revenue from its core supermarket division increased 3.8% to $11.56 billion
But the company’s stock dipped 20 cents to $30.30 as investors reacted with disappointment to the sales figures.
CEO Michael Luscombe also warned that it was hard to predict consumer confidence and spending levels for the full FY10.
But he added that the company expects to reach its target of upper-single digit revenue growth, excluding petrol sales.