Woolworths swings to $973m loss, appoints new CEO

 In Australia, NewZealand, Woolworths
Supermarket giant Woolworths has sunk $972.7 million into the red in the first half after booking $1.9 billion in write-downs on its disastrous Masters home improvement foray.
Announcing the retailer’s first loss in 23 years, chairman Gordon Cairns also ended months of leadership speculation, announcing supermarkets boss Brad Banducci will step up as the company’s new chief executive.
Sales in the six months to January 3 fell 1.4 per cent to $32 billion. Underlying profit, excluding the write-downs, slumped 33.1 per cent to $925.8 million. Sydney Morning Herald – Read more…

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