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HomeNewsWoolworths reports tepid annual profit, weak start to 2023

Woolworths reports tepid annual profit, weak start to 2023

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News Tech: Aug 25 (Reuters) – Woolworths Group (WOW.AX) posted a nearly flat annual profit on Thursday, and said supply chain snarls and team absenteeism have dented sales of its key Australian Food business at the start of the new fiscal year.

The cost of doing business, excluding one-off expenses, increased 96 basis points to 25.1% for Australian Food in the reported period.

Lockdowns through the course of the year and mandatory staff isolations blew up expenses for Woolworths and its smaller rival Coles Group (COL.AX), while bad weather and floods have blocked roads and wiped out crops, increasing wholesale costs.

“We expect the trading environment to remain volatile and challenging due to endemic COVID disruptions, ongoing supply chain challenges, higher costs across our business and cost-of-living pressures for our customers,” the company said.

Some customers are trading down from beef into more affordable sources of protein and trade across from fresh vegetables into more affordable frozen and canned offerings, Woolworths said.

The company posted annual net profit after tax from continuing operations, excluding items, of A$1.51 billion ($1.04 billion), compared with A$1.50 billion a year ago. Australia’s second-biggest grocer Coles posted an estimate-beating annual profit on Wednesday, as it reined in spending amid surging inflation, but warned of persistent cost pressure. read more

($1 = 1.4478 Australian dollars) RegisterReporting by Harish Sridharan and Savyata Mishra in Bengaluru; Editing by Vinay Dwivedi and Sherry Jacob-Phillips

Source: Reuters Trust Principles.

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