Woolworths’ losses at Masters widen in June quarter

 In Australia, NewZealand, Woolworths
Woolworths’ US home improvement partner Lowe’s Companies says it is pleased with progress at the big-box chain Masters, even though losses are set to exceed $200 million in 2015 and the business deteriorated in the June quarter.
Analysts estimate that the home improvement business lost around $50 million in the June quarter, compared with losses of $41.4 million in the previous corresponding period and a record $65.8 million in the three months through March.
Deutsche Bank analyst Michael Simotas estimates that the joint venture lost $210 million in 2015, compared with losses of $169 million in 2014. This would take the red ink spilled over the last three years to more than $500 million.
The new estimates are based on figures released overnight by Lowe’s. Lowe’s lost $US14 million ($18 million) on its 33 per cent share of the joint venture in the three months through July.  Sydney Morning Herald – Read more…

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