Woolworths chief executive Trevor Bish-Jones is leaving the troubled retailer after six years at the helm. The news comes as Woolworths posts another set of disappointing results today (July 18).
High street sales fell by 2.2% in the 19 weeks ending June 14 this year. The company says margins came under pressure during the period because it generated a greater proportion of sales from its entertainment products, rather than more expensive items such as outdoor products and clothing.
The retailer announced a £10m price drop last month by slashing the price of 1,000 products last month. It says it “remains cautious” about the consumer economy as spending power will be reduced by factors such as soaring energy and food prices.
Bish-Jones joined the retailer from Dixons Group in 2002. He will remain in the role for three months while his successor is found. Chairman Richard North says Bish-Jones and the board had agreed that it was “an appropriate time” to seek a new leader for the business. Woolworths also announced it will sell four of its London stores to Waitrose for £25.5m.