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Reading: Woolies Bad Year Gets Worse With $1.235 Billion Loss
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B&T > Marketing > Woolies Bad Year Gets Worse With $1.235 Billion Loss
Marketing

Woolies Bad Year Gets Worse With $1.235 Billion Loss

Staff Writers
Published on: 25th August 2016 at 10:22 AM
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Struggling retailer Woolworths has announced $1.235 billion full-year loss after a big decline in earnings from its food and drink business and more than $2.6 billion of writedowns.

It’s ill-fated soiree into hardware with the Masters disaster weighed heavily on the retailer as did its underperforming Big W stores. Sales revenues were down 1.23 per cent to $58.086 billion.

Woolworths chief executive Brad Banducci said of the results, “Sales improved over the year for our Australian Food business with comparable sales in the fourth quarter the strongest for the year driven by strong comparable transaction growth.

“However, underlying earnings from Australian Food and Petrol were down 40.8 per cent on last year, reflecting lower sales growth driven primarily by our investment in lower prices and a decline in items per basket.”

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Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

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