Strong market position in the relatively concentrated supermarket and liquor retailing sector in Australia and New Zealand Earnings and margin pressure in the near term due to strong and intensifying supermarket competition Execution risks related to Big W's multiyear turnaround plan Improving financial risk profile reliant on an investment in price, service, and systems that will support a stabilization of market share Substantial use of off-balance-sheet operating lease finance, tempered by modest levels of on-balance-sheet debt Large, ongoing capital-expenditure requirements The stable outlook on Woolworths Ltd. reflects our expectation that the group's investment in price, service, and systems will support a stabilization of market share and a return to satisfactory earnings growth over the next two to three years, despite
