Woolworths (ASX:WOW) share price slides despite new Uber Eats trial

The company’s shares are backtracking on the company’s newest offering…
The post Woolworths (ASX:WOW) share price slides despite new Uber Eats trial appeared first on The Motley Fool Australia. –

The Woolworths Group Ltd (ASX: WOW) share price is edging lower today despite the company announcing a new Uber Eats trial.

At the time of writing, the retail conglomerate’s shares are swapping hands for $41.61, down 0.90%. It’s worth noting that its shares touched an all-time high of $42.66 last Friday before profit-takers swopped in.

Let’s take a closer look at what the company provided on its website.

Why is Woolworths partnering with Uber Eats?

According to the latest news, Woolworths is teaming up with Uber Eats to offer same hour grocery delivery across Australia.

Woolworths Metro (a chain of convenience stores launched in 2013) will feature in the Uber Eats app. This undoubtedly will have a positive effect on shoppers needing groceries, fruits and vegetables on short notice.

From next week, the trial is available for a dozen of Woolworths locations in Sydney and Melbourne. However, this will be extended to the eastern seaboard of Australia within the coming weeks.

Each delivery placed on the platform will be packed by Woolworths personal shoppers, before being passed on to Uber Eats. There is expected to be about 1,200 products available to consumers via the Uber Eats app.

The launch stores include Balaclava, Hadfield and Hawthorn in Melbourne. For Sydney, the stores include Bondi, Maroubra Beach, Padstow, Park Sydney (Erskineville), Pyrmont, Randwick, Redfern, Rose Bay and Rozelle.

Woolworths Metro General Manager, Justin Nolan commented:

At Woolworths, we’re always looking to make it easier for our customers to shop in ways that work for them.

This partnership will give our customers a fast, reliable and effortless way to get groceries delivered to their door within an hour. It will be ideal option for those smaller top up or last-minute shopping needs, and complement our existing eCommerce offer.

Importantly, it will also help us meet the needs of customers seeking to limit their community outings during the pandemic.

Woolworths share price snapshot

It’s been a fantastic year for Woolworths shareholders, with the company’s shares accelerating to new all-time highs.

Over the past 12 months, Woolworths shares have pushed 19% higher, mostly coming from year-to-date gains, up 20%.

On valuation grounds, Woolworths commands a market capitalisation of roughly $52.7 billion, with approximately 1.2 billion shares on its books.

The post Woolworths (ASX:WOW) share price slides despite new Uber Eats trial appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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