Countdown 2017 profit falls on more expensive dairy, earthquake costs

Tue, 22 Aug 2017

By Sophie Boot Aug. 23 (BusinessDesk) - Woolworths' Countdown supermarket chain in New Zealand had a 1.4 percent decline in annual profit despite margins rising, with dairy and fresh produce costing more along with uninsured losses related to the November 2016 earthquake. Earnings before interest and tax fell to $309 million in the year to June 30, from $313.9 million in the previous year, its ASX-listed parent company Woolworths announced. Sales were $6.23 billion versus $6.1 billion in the prior corresponding period, up 2.1 percent. Acc...

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