The share price of Woolworths Group Ltd (ASX: WOW) is up 1% after the supermarket giant announced that it would be closing stores early for re-stocking.
What did Woolworths announce?
The supermarket company is going to close its stores at 8pm each day, which is a few hours earlier than usual so that staff can replenish the shelves, according to reporting by the Australian Financial Review.
Some readers will already have seen that shelves of various products, not just toilet paper, have been stripped bare. The last weekend was the biggest amount of sales for more than 12 months for Woolworths, it was bigger than Christmas.
And what about toilet paper? It sold seven weeks' worth in just 24 hours. It is amazing that despite the ramp-up of production by suppliers, the demand is still very heavy.
Woolworths announces elderly and disability hour
Earlier today the supermarket company announced that it would be helping the elderly and customers with a disability get their shopping.
From tomorrow (Tuesday 17th March) until at least Friday, Woolworths Supermarkets will be opening exclusively for the elderly and those with a disability to shop from 7am to 8am, which will require a Government issued concession card.
Woolworths Supermarkets Managing Director Claire Peters said: "While we'll continue to do our very best to restock our stores during this period of unprecedented demand, we know many of our elderly customers have been missing out on essential items when they shop.
"This temporary measure will give them, and those with a disability, the opportunity to shop before our stores officially open – helping them obtain the essential items they need most in a less crowded environment.
"We continue to encourage all Australians to be mindful of those in our communities who might need extra help at this time. Now – more than ever – we need to be kind to each other, especially to those most vulnerable.
"We'd like to thank our customers for their patience and apologise for any inconvenience caused by the revised opening hours."
Is the Woolworths share price a buy?
Woolworths and Coles Group Limited (ASX: COL) are seeing huge demand for many products and yet the Woolworths share price is down over the past few weeks by over 10% despite the interest rate cuts.
As I was writing this article, Coles has announced a similar hour slot for the elderly and disadvantaged too. Coles will also hire 5,000 extra causal staff to help with the demand.
Woolworths now trading at 24x FY22's estimated earnings. Not bad, but I think there are better opportunities after the selloff.
