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Thursday 29 August 2024

Get Woke…You Know the Saying

 



 

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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