Bad news for Woolies fan; the supermarket giant has reported a 12 per cent fall in full-year net profit and the resignation of chairman Ralph Waters.
This is Woolworths first profit drop in at least 19 years amid tough competition from new competitors ALDI and falling market share.
Chairman Waters is following chief executive Grant O’Brien out the door, who packed up and left in June. Former Lion Nathan chief Gordon Cairns has been announced as Waters replacement from 1st September.
Woolworths net profit for the year ended June 28 was $2.15 billion, down from $2.45 billion a year ago. Revenue was flat at $61.15 billion.