LONDON (CelebrityAccess MediaWire) — Shares in UK retailer Woolworth tumbled more than 12 percent after they released an unscheduled trading update which warned that profits may be down by as much as 50 percent from last year Reuters reported.
Trevor Bish-Jones, CEO for Woolworths, cited slow sales for entertainment and Christmas products as one of the primary reasons for the shortfall.
Its not just Woolworth's either. Rivals HMV and WH Smith, both book and music retailers are projecting that sales are off by 3.5 percent and 1.5 percent respectively. – CelebrityAccess Staff Writers