Are Woolworths (ASX:WOW) shares too expensive?

The Woolworths Group Ltd (ASX: WOW) share price is not having a great day today. Woolworths shares are, at the time of writing, down a hefty 3.67% to $39.89. That contrasts even more poorly with the S&P/ASX 200 Index (ASX: XJO), which is currently up 0.23% today.

Why such a disparate performance for Woolies shares today? Well, it appears to be a reaction to the third quarter update the grocery giant released to the markets this morning. As we dissected earlier today, this update outlined how Woolworths managed to increase sales by 0.4% over the quarter ending March 31 2021. The company also reported that its plans to emerge its Endeavour group division (which houses Woolworths’ bottle shops and pubs business) is on track to…