Woolworths admits failure to understand hardware

The director of Woolworths’ loss-making hardware start-up Masters has defended the overly optimistic sales and earnings forecasts set down for its new business, but admitted a failure to understand the hardware business.
Addressing analysts in the wake of Woolworths being forced to blow out its projected losses for Masters in its first five years, CEO Melinda Smith said the company failed to grasp the seasonality of hardware and acknowledged she didn’t know a lot about the structure of the business when it began.  Sydney Morning Herald – Read more…