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.”
The Real Media Collective (TRMC), the Australian industry association representing the interests of companies in the paper, print, publishing/media and related distribution sectors across Australia, has challenged Coles Supermarkets for using the environment as a reason in its announcement today outlining its plans to cease sending catalogues to Australian homes from September. In the announcement, […]
Network 10 is set to undergo a massive restructure, leaving a number of high-profile journalists out of a job, including Kerri-Anne Kennerley, Natarsha Belling and Tim Bailey, B&T understands. As first reported on The Sydney Morning Herald, the restructure was announced to staff on Tuesday. As part of the restructuring, the presentation of the weekday […]
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Paul Roach (pictured below) is a business strategist and coach who has worked with hundreds of SMEs across many industries to supercharge their cashflow. Roach is also author of the book Smarter Business Stronger Cashflow. In this guest post, Roach gives his top tips when the cash taps start to be turned off… Cashflow is like […]
Sydney and Melbourne based PR, Talent & Digital agency One Daydream has extended its client portfolio to include alcohol. The category expansion comes as One Daydream joins the agency roster of Pernod Ricard, working on a project basis to manage strategic PR and digital campaigns. The global drinks group boasts one of the most comprehensive and prestigious […]
Commtract today expanded its marketing, advertising and digital offering in response to a growing number of CEOs outsourcing to ‘gig-workers’ amid COVID-19. According to new research, 40 per cent of Australian CEOs are planning on outsourcing to freelancers in the contingent workforce. Commtract, which launched in 2016, has more than 4,000 communications experts on its platform, and has already placed over 800 roles. […]