Highlights from Errington's thoughts on Woolworth's results announcement yesterday, titled "Underperform - golden period over":
- "We have been concerned with the strategic direction of Woolworths for some time"
- "Woolworths no longer justifies a 20%+ premium to market"
- "It is disappointing to us that Woolworths focuses on businesses outside of Australian Food & Liquor and Big W. Its reputation as good retailers has been built from the performance of these 2 businesses. But Woolworths' performance as retailers in Consumer Electronics and New Zealand has, to put it frankly, been poor."
- "The problem we have with Woolworths at this point in time is that management is focused heavily on growth...and it gives every indicator that it is prepared to dilute returns on investment in order to achieve it."
- "Rating change - underperform"
He absolutely slammed their decision to enter hardware in an earlier report too. He strikes me as a glass-half-empty kind of guy.
antidote to errington, page-18
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