Woolworths posts first-half loss on A$1.9B in write-downs on Masters, NZ earnings steady

Fri, 26 Feb 2016

By Fiona Rotherham Feb. 26 (BusinessDesk) - Woolworths, the Australian supermarket group, reported its first loss in 23 years after taking A$1.9 billion in write-downs on its ill-fated foray into home improvement, although its New Zealand Countdown chain held earnings steady. The group’s net loss was A$927.7 million in the six months ending Jan. 3, compared to a profit of A$1.28 billion a year earlier, the Australian company said in a statement. Excluding significant items, net profit dropped by one third to A$925.8 million which was with...

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