Woolworth has once again disappointed its fast dwindling band of stock market fans. After several years of heightened expectations, and periodic share price flurries, performance has been disappointing. Adjusting for last year's thirteen month accounting period sales were up by 12% on an annual basis, while pre‐tax profits, for the year ended January 31 were ahead by just half that amount. It is easy to see why Woolworth's record inspires little confidence in some quarters. Taking in last year's results, sales have crawled along at an average growth rate of 8% over the past four years, while 1973/74 pre tax profits of £43.3m are just 17% above their 1969 level. A poor showing when compared with the performance of most other major retailers.
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