Woolworths projects lower profit due to cost-of-living crisis and sales shift towards discounts.
Woolworths, Australia's largest supermarket chain, anticipates a profit decline due to the ongoing cost-of-living crisis, projecting earnings of $1.48 billion for the December half, down from $1.6 billion last year. Despite a 4.5% sales increase to $18 billion in the first quarter, customers are increasingly opting for discounts and lower-priced products. The company also faces legal scrutiny over alleged misleading discount schemes, which it denies.
October 29, 2024
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