Woolworths announces a NZ$1.6bn write-down for NZ food business, citing weak market outlook and transformation needs.

Australian grocery chain Woolworths announced a planned NZ$1.6 billion (US$980 million) write-down for its New Zealand food business due to a weak market outlook and the need for a transformation plan. Woolworths' New Zealand earnings are expected to be 42% lower than the previous year, while its main Australian business remains strong, with expected company-wide EBIT growth of 2.8% to 3.8% before significant items. The company will release its full half-year result on February 21.

January 28, 2024
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