Huge Losses At Australian Retail Giant Woolworths

SYDNEY, (UrduPoint / Pakistan Point News -25th Augst,2016) - Australian supermarket giant Woolworths on Thursday reported a large annual net loss of Aus$1.23 billion (US$940 million), its first since listing more than two decades ago, following a failed push into hardware and a slump in food sales. Woolworths, Australia's largest retailer and one of the two dominant supermarket chains in the country, recorded the sharp plunge for the year to June 26 -- the first loss since 1993, compared to a net profit of Aus$2.15 billion in the prior period. The company said Wednesday it was exiting the disastrous Masters home improvement business seven years after entering the hardware market, selling it for Aus$1.

5 billion. "Unequivocally it's been a challenging year for the group -- in this case the numbers speak for themselves," The Australian Financial Review quoted Woolworths chief executive Brad Banducci as saying. "But you need to look through the numbers to see where we are -- we are making progress but there's still a lot to do." Australian food and petrol sales sank 40.8 percent to Aus$1.76 billion for the period, while its discount department store chain Big W lost Aus$14.9 million after last year's profit of Aus$111.7 million.