Countdown supermarkets 1H earnings dip as digital investment continues

Wed, 20 Feb 2019

By Paul McBeth Feb. 20 (BusinessDesk) - Woolworths' New Zealand Countdown supermarkets posted a 2 percent decline in first-half earnings as the national chain continued investing to improve its digital capabilities. Earnings before interest and tax fell to $148 million in the 27 weeks ended Dec. 30, from $151 million a year earlier. While sales were up 1.9 percent at $3.4 billion, the firm's cost of doing business ratio increased to 19.9 percent of revenue, from 19.5 percent a year earlier. That implies operating costs rose to $676.8...

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