Many Australians will remember how Woolworths started the
year by saying it was reducing
its sales of Australia Day Merchandise. Look what
that has led to,
“In the 12 months up to July
1, Woolworths Group, which includes BigW, Milkrun and its New Zealand grocery
arm, saw nearly $68 billion in sales, up three per cent from the previous
financial year, and $108m in profits after tax, which was a 93 per cent reduction
on its 2023 financial year result.
The drop came from the
supermarket giant’s poor performance across the Tasman where earnings in the
New Zealand arm fell 57 per cent, a $1.5b loss, while its investment in
Endeavour Group, which operates Dan Murphy’s and BWS, resulted in an overall
loss of about $100m.
Without these impairments on
the grocery chain, the group’s profit dropped just 0.6 per cent compared to
FY23 with a $1.7b profit…
…Woolies’ profit posting
comes a day after Coles announced a $1.1b during FY24, up 2.1 per cent from the
previous financial year.”[1]
It appears the Corporate Cancer of the SJW’s has over
taken one of Australians largest supermarket chains. This will be something to
watch. Because if the SJW cancer is not excised it will strangle the company.
And once it becomes too advanced it cannot be excised easily. Watch this space.
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