Woolworths reduces New Zealand supermarkets' value by $1.6bn, projects 42% ebit decline.

Woolworths has announced a significant write-down of its New Zealand supermarkets, reducing their value by $1.6 billion to $700 million. This reduction is due to a "weaker medium-term outlook", higher interest rates, and the lag time for new initiatives to have an impact. Consequently, the company has also anticipated a 42% decline in earnings before interest and tax (ebit) to $71 million in the first half of the current financial year.

January 28, 2024
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