Countdown sees faster price deflation in 4th qtr; online shopping boosts FY sales

Mon, 20 Aug 2018

By Sophie Boot Aug. 20 (BusinessDesk) - Woolworths Group's Countdown chain of supermarkets in New Zealand says grocery prices fell at an even faster pace in the fourth quarter, although growing demand for online sales helped boost annual revenue. New Zealand food sales rose to $6.4 billion in the 52 weeks ended June 24, from $6.2 billion a year earlier, though earnings before interest and tax (ebit) dropped 8.2 percent to $284 million, according to Sydney-based Woolworths' annual sales statement. The decline in earnings was due to increa...

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