Countdown owner reveals 21% NZ profit plunge

Rising costs and stock shortages contributed to a weak result. (Image: Getty)

Wed, 23 Aug 2023

Supermarket operator Woolworths’ profits on its New Zealand operations fell by more than a fifth in the year to June 30, thanks to higher costs, weak trading conditions in late 2022, stock shortages and higher depreciation charges.The Australian parent reported an increase of 15.8% in operating earnings to the Australian securities exchange (ASX) on Wednesdays morning for the year to June 30, to give earnings before interest and tax (Ebit) of A$3.12 billion (NZ$3.37b) on sales of A$64.3b, up 5.7% on the previous year.In NZ, however, Ebit...

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