Woolworths Research

Woolworths (WHL): Seeing the Wood for the Trees

We expected some of the David Jones acquisition value creation opportunities to be evident in the Woolworths (WHL) results for 1H16. With direct comparison difficult due to non-matching periods and other changes, we compared the revamped department store to its last period as an underperforming listed entity. This benchmarking reveals little evidence of improved performance in the department store, with EBIT margin lower than the listed business.