Countdown supermarkets 1H earnings fall 7.7% on rising cost of investment

Thu, 22 Feb 2018

By Rebecca Howard Feb. 23 (BusinessDesk) - ASX-listed retailer Woolworths Group ramped up investment in its Countdown chain of supermarkets across New Zealand, leading to a 7.7 percent decline in first-half earnings with a similar effect expected in the second half. Countdown's earnings before interest and tax fell to $150 million in the 27 Weeks ended Dec. 31 from $160 million a year earlier, outpacing a 3.6 percent increase in sales to $3.32 billion, the Sydney-based parent said in a statement. It flagged further investment is planned f...

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