Woolworths NZ earnings halve despite sales gains

Woolworths says the New Zealand grocery market is "very competitive". (Image: NZME)

Wed, 28 Aug 2024

Wage costs, gross margin contraction and a “very competitive market” are behind weaker earnings at Woolworths NZ, the Australian grocery chain says. Woolworths Australian said normalised earnings before interest and taxes (ebit) at Woolworths NZ – referred to as New Zealand Food – fell 57% to $108 million in the year to June 30.Normalised ebit excluded A$1.6 billion ($1.74b) of significant items, mainly related to the previously disclosed A$1.5b impairment related to Woolworths NZ. Outgoing chief executive Brad...

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