Sweet as strawberries Macquarie rate Woolworths outperform. Comparative sales in the Australian Food & Liquor business were up 3.4% in 2Q14, an acceleration...

Sweet as strawberries Macquarie rate Woolworths outperform. Comparative sales in the Australian Food & Liquor business were up 3.4% in 2Q14, an acceleration from the 2.5% in 1Q14 and the highest level seen since March 2011. We believe that WOW is on track to beat NPAT growth guidance of 4-7% (we are forecasting normalised FY14 NPAT growth of ~8%, ~7% at EPS level). The value proposition is not particularly compelling but upside does exist from a further acceleration in the food and liquor business.


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