Woolworths’ NZ Countdown chain lifts FY earnings 3.5 percent as market remains ‘challenging’

Wed, 28 Aug 2013

By Paul McBeth Aug. 28 (BusinessDesk) - Australian supermarket chain Woolworths lifts annual earnings at its New Zealand Countdown stores by 3.5 percent as it grabbed market share in a “challenging” trading environment. Normalised earnings before interest and tax, which strips out an extra week of trading in the 2013 year, rose to $302.7 million in the 12 months ended June 30 from $287.4 million a year earlier, the Sydney -based company said in a statement. Earnings were dragged down by a $7.7 million charge for extra rental costs after the...

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