Woolworths Slumps to $1.234 Billion Loss
Woolworths chief Brad Banducci says the retailer’s investment in cutting prices and improving service is bringing shoppers back to the Fresh Food People as it slumped $1.2 billion into the red in its first annual loss as a listed company.
Excluding $1.9 billion in impairment charges and restructuring costs, Woolworths’ underlying full-year profit fell 64.4 per cent to $803 million, well below consensus analyst estimates of $1.5 billion.
Woolworths slashed its final dividend by 54 per cent to 33¢, taking the total payout for the year to 77¢ from $1.39.
Underlying earnings from Australian food and petrol sales slumped 40.8 per ent to $1.76 billion, from $2.97 billion a year earlier. Sydney Morning Herald – Read more…
Excluding $1.9 billion in impairment charges and restructuring costs, Woolworths’ underlying full-year profit fell 64.4 per cent to $803 million, well below consensus analyst estimates of $1.5 billion.
Woolworths slashed its final dividend by 54 per cent to 33¢, taking the total payout for the year to 77¢ from $1.39.
Underlying earnings from Australian food and petrol sales slumped 40.8 per ent to $1.76 billion, from $2.97 billion a year earlier. Sydney Morning Herald – Read more…
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