Woolworths slashes 70% from NZ supermarkets' value

Woolworths slashes 70% from NZ supermarkets' value
Tainted: Woolworths is axing the Countdown brand (Image: NZME)
Pattrick Smellie
Woolworths is slashing the value of its New Zealand supermarkets by $1.6 billion to $700 million, blaming a “weaker medium-term outlook”, higher interest rates and a lag time for new initiatives to bear fruit.The non-cash impairment follows the first review of the goodwill on the parent company’s balance sheet since Woolworths bought the supermarkets owned by Progressive Enterprises in 2005.With the NZ assets currently carried in Woolworths books at $2.3b, the writedown amounts to a 69.56% reduction in value.In a statement to...

More Retail

Michael Hill buffs up security as robbery costs climb
Retail

Michael Hill buffs up security as robbery costs climb

The jeweller has invested in new smash-proof assault glass and fog cannons.

Gregor Thompson 01 May 2024
Mighty Ape’s profits rise in quarterly update
Retail

Mighty Ape’s profits rise in quarterly update

 This growth came despite gross sales falling 9.2% to $30.4m.

Staff reporters 26 Apr 2024
Website duplication scams haunt NZ retailers
Retail

Website duplication scams haunt NZ retailers

Increasingly sophisticated obfuscation technology is making scams harder to resolve.

Gregor Thompson 22 Apr 2024
Menulog exits NZ
Retail

Menulog exits NZ

Online food delivery platform Menulog will discontinue its New Zealand operations in May.Parent company Just Eat Takeaway confirmed the decision today, saying: “New Zealand represents a small part of the Just Eat Takeaway.com business and its size is insufficient to maintain a he...

Staff reporters 16 Apr 2024