Why does the Woolworths (ASX:WOW) share price have the blues today?

The Woolworths Group Ltd (ASX: WOW) share price is struggling on Monday despite no news of the company released to the market.

In fact, it’s been exactly one month since the supermarket giant pulled out of the race for Australian Pharmaceutical Industries Ltd (ASX: API).

At the time of writing, the Woolworths share price is $34.56, 1.38% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is also down today, having slumped 0.19%. Meanwhile, the All Ordinaries Index (ASX: XAO) has slipped 0.14%.

While there’s been no market-related news driving the Woolworths share price, its dip does come amid the unveiling of the company’s new – blue – ‘face’.

What’s going on with the Woolworths share price today?

It’s proving to be a rough day on the ASX for the Woolworths share price and that of its peers.

The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) is currently down 0.67% despite one of its constituents posting a 13% gain.

The Graincorp Ltd (ASX: GNC) share price has surged after the company posted earnings guidance for the financial year 2022.  

Meanwhile, the Woolworths share price is one of the sector’s biggest weights, joined by those of Endeavour Group Ltd (ASX: EDV) and Coles Group Ltd (ASX: COL).

However, Woolworths has put out exciting non-market related news today. It’s unveiled a ‘brand’ new facelift.

Woolworths gets a makeover

Woolworths Group has revealed a new logo on Monday. The logo will symbolise all the company’s collective businesses and platforms.

Round in shape and blue in colour, it features abstractly shaped ‘Ws’ forming a wave-like pattern.

Woolworths chief marketing officer Andrew Hicks stated the brand symbolises “We”.

“It all starts with ‘We’, with the multiple W’s embodying how together as Woolworths Group, we can create positive impact,” Hicks said.

“With a living blue colour scheme, our collective impact is also symbolised by the waves and ripples, converging on a common point on the horizon as a reminder of our shared commitment as a group to a better tomorrow.”

Woolworths CEO Brad Banducci was also sentimental in revealing the new look, saying:

The world is constantly changing and evolving and we need to do likewise.

The last two years have been a period of immense change. As a team, we’ve not only had to navigate a pandemic, but we’ve also made significant changes to the shape of our Group and the businesses and platforms within it…

[The new brand identity is] a symbol of the positive impact that we aspire to have and the purpose that unites us. 

Woolworths share price snapshot

The new year has brought pain for the Woolworths share price – it has fallen more than 10% year to date.

For comparison, the ASX 200 has slipped 6% over the same period.

The supermarket giant’s stock is also currently trading 2% lower than it was this time last year.

The post Why does the Woolworths (ASX:WOW) share price have the blues today? appeared first on The Motley Fool Australia.

More reading

• Price check: Woolworths (ASX:WOW) shares have already dropped 8% in 2022. Can they recover?
• Could this be the biggest issue faced by ASX retail shares heading into earnings season?
• Will supply chain issues continue to dog Woolworths (ASX:WOW) when it reports this month?
• Could this help Woolworths (ASX:WOW) withstand the current climate of uncertainty?
• Why is the Woolworths (ASX:WOW) dividend smaller than Coles?

Motley Fool contributor Brooke Cooper 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 owns and has recommended COLESGROUP DEF SET. 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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