Woolworths Slumps to $1.234 Billion Loss

 In Australia, Coles, NewZealand, Woolworths
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…

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