And while Woolies was surprising on the downside, logistics giant Brambles (BXB) was revealing more pleasant news for its shareholders on the upside with an upgrade to its earnings guidance for 2014-15.
That was after the company reported a 6% rise in sales for the September quarter.
The company expects revenue growth for 2014-15 to rise 8 per cent to 9 per cent while underlying profit is set to climb 9 per cent to 12 per cent to be between $US1.055 billion and $US1.085 billion.
Brambles in August this year forecast underlying profit to be $1.03 billion to $US1.06 billion.
Brambles said sales revenue rose to $US1.37 billion in the three months ending September, thanks to a combination of growth in the pallets division, its reusable produce crates business. and contributions from recent acquisitions and contract wins.
BXB YTD – Brambles upgrades profit forecast
Yesterday’s upgrade came as the company held an investor day briefing.
The company acquired Scottish container business Ferguson Group in September for $555 million.
“We remain confident of stronger sales revenue growth for the group in the second half,” Brambles chief executive Tom Gorman said in a statement to the ASX yesterday.
“Notwithstanding increased economic uncertainty during the period, we are pleased with our trading result.”
Brambles rose 0.7% to $9.60.
It holds its AGM on Thursday.
