Woolworths to axe 800 jobs as weak food, petrol lead to sales fall

 In Australia, NewZealand, Woolworths
Australia’s biggest retailer, Woolworths, is shedding about 800 jobs as it posts a rare fall in quarterly sales and declares there is "still much to do" to improve its flagship food and liquor arm.
Woolworths shares had dived 3.8 per cent, or $1.13, to $28.50 just before midday as it admitted it had "lost sight of the customer" and detailed a three-year turnaround plan for its supermarkets and cost-cutting plans.
These include cutting an additional 400 jobs to the 400 already shed, and slowing down new store openings in favour of increased store refurbishments.
Woolworths said it didn’t plan to flush its world-leading margins "down the toilet" but was focused on restoring "momentum" – the reason for its underwhelming performance in April. The country’s biggest supermarket chain said it wouldn’t be "beaten on price" and it planned to "neutralise Coles and contain Aldi on pricing".  Sydney Morning Herald – Read more…

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