Woolworths reports a 7.5% decline in half-year earnings.

Woolworths, an Australian supermarket chain, reported a 7.5% decline in half-year earnings due to challenging macroeconomic conditions, including interest rate increases, higher living costs, and geographical disruptions such as power cuts. In response, the company announced a massive price drop on over 400 everyday items, including meat, cheese, fruit, vegetables, and cleaning products, effective immediately and running until May 28. The average price reduction is 18%, and the move aims to help customers manage their budgets and spend less during shopping trips.

February 28, 2024
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