Countdown owner's NZ profits rise as Aussie parent slips

Grocery chain's NZ sales and costs lift

Wed, 23 Feb 2022

Woolworth Group, owner of the Countdown supermarket in New Zealand, fell in Australia after being hit by lockdown costs but it fared better in NZ.Group earnings before interest and tax from continuing operations before significant items fell 11% to A$1.4 billion in the half-year to Jan 2. Earnings from Australian food fell 7.6% to A$1.2b, while the much smaller NZ operation saw food sales up 3.3% to $200 million.Total sales in NZ were up 8.3% to $4.03b, it said. However, NZ market growth moderated in the second quarter as the w...

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