Woolworths write-down: Embarrassing or just an overpayment

Woolworths write-down: Embarrassing or just an overpayment
Supermarkets are facing increased regulatory scrutiny on both sides of the Tasman. (Image: Getty)
Dileepa Fonseka
On Monday, Woolworths wiped out nearly 70% of the goodwill the company recorded on its New Zealand books.Monopoly Watch spokesperson Tex Edwards said the write-down was "embarrassing" because, if genuine, it changed numbers around the return on equity the Australian-listed supermarket chain had declared to the Commerce Commission. "It's in dramatic conflict with their submission to the Commerce Commission in the market study ... they said that that goodwill was real assets, and they said that they were entitled to an eco...

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