Worth It range to include homewares
Woolworths is bidding to re-establish its credentials as a low-price retailer by launching a range of own-label products.
Working under the Worth It brand, the range is being expanded to include 420 everyday items in the home and kitchenware categories from May 14 this year.
"Research has found there's a demand for competitively priced everyday essential products among our customers," a spokesperson told the press.
Woolworth is continuing to unveil new products and services and push into catalogue and online retailing to help reverse a 6.6% drop in underlying sales. Chief executive Trevor Bish-Jones said the retailer is feeling pressure from the non-food activity of the grocery chains, and lower footfall in stores.
The group has stated it wants to grow its multi-channel revenues by 60% this year to £125m and is looking to turn its stores into mini-Argoses.
Results for the year ended February 3, 2007 showed pre-tax profits drop from £43.7m in 2006 to £7.3m.
Some positives were seen, however, in 'Outdoor' and the 'Home' area, which benefited from high availability in basic lines