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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

Channel Infrastructure gains; NZX 50 down 0.93%

Channel Infrastructure and NZME emerged as the day's winners.

Gregor Thompson 26 Aug 2025

Primary Sector

Zespri looking to cut up to 135 roles

Zespri wants a simpler, more focused organisation.

Rebecca Howard 26 Aug 2025

Markets

Market underwhelmed by Genesis outlook

The company says it’s still on track for $500m+ ebitda in FY28.

Pattrick Smellie 26 Aug 2025

Sponsored

AI efforts risk failure without clear business goals – Spark

It’s time for New Zealand businesses to move beyond AI experiments and start delivering measurable value.

Spark

Sponsored

The smarter way to invest in infrastructure

The global infrastructure ETF listed right here on NZX.

Blackrock, Smart Invest

More Retail

Retail

Restaurant Brands margins undercooked in HY result

Same-store sales in New Zealand fell 3.1% compared with last year.

Gregor Thompson 26 Aug 2025

Retail

Kogan.com takes $51m goodwill hit on Mighty Ape

Kogan.com has written down A$46.3 million (NZ$51.2m) of goodwill tied to its New Zealand segment, Mighty Ape. The Australian retail and services group filed its earnings for the 12 months to June 30 with the Australian Securities Exchange (ASX) on Monday.Chief executive Ruslan K...

Staff reporters 25 Aug 2025