Woolworths has reduced the prices of 245 food lines in line with its ongoing commitment to drive better value for customers. The price of some food items have been cut by as much as 29%. This means lower prices and improved quality. The savings are wide ranging and will reduce the price of a large range of product from Monday, 9 February 2009. Examples of savings include: • Sunflower oil, 750ml was R16.95. Now R11.95. (29% saving) • Tastic basmati rice, 2kg was R94.95. Now R87.95. (7% saving) • Muffins, was R34.95. Now 29.95. (14% saving) We have reduced prices on a range of product from essentials like cooking oil; everyday meals like pies; a range of beverages and luxury treats like wines and cashew nuts. Other savings are in selected frozen foods, bread, spreads, biscuits, toiletries and sweets. Julian Novak, Divisional Director for Foods at Woolworths says, “This is big. These are significant savings for our customers. Woolworths worked in partnership with our suppliers over the last 6 months to find ways to reduce the price of hundreds of products. These savings put money back in our customers’ pockets when they need it most. Customers can now find better value at Woolworths for every meal, lunch pack, snack or special occasion.” Woolworths will never compromise quality or innovation in the food market when reducing prices. These are a vital part of the Woolies difference. “We have the flexibility of having largely own brand products to bring customers great value. This gives us greater control of the production process and helps us to reduce input costs. We have, however, been able to reduce prices on selected branded products,” says Novak. In addition, savings have also been realised by reviewing the supply chain, reducing packaging, improving logistics and monitoring the costs of lower commodity prices like wheat and passing savings on to customers. The price cuts are part of Woolworths ongoing commitment to improved value for customers. “We have cut prices considerably over the last two years and the basic grocery lines like bread, milk and cheese are now extremely competitively priced and often cheaper than other retailers.” Ends