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Woolworths’ shares slump on CEO exit and NZ write-offs

Brad Banducci says he is retiring, not resigning, but his exit is messy.

Woolworths has rebranded 34 of its New Zealand stores, but says it is on a 'multi-year journey'.

Key points
  • Revenue: A$36.6 billion, up by 4.4%
  • Profit: A$781 million loss
  • Key takeaway: Chief executive Brad Banducci is leaving the company after 13 years with the supermarket group.

Shares in Australia's biggest supermarket chain slumped almost 9% today after the chief executive announced his departure and the company's profit figures included a massive write-off for the New Zealand business.

Woolworths shares were down 8.9% to A$32.68 by the early afternoon on the ASX and were

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Lachlan Colquhoun Wed, 21 Feb 2024
Contact the Writer: lachlan@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  • Revenue: A$36.6 billion, up by 4.4%
  • Profit: A$781 million loss
  • Key takeaway: Chief executive Brad Banducci is leaving the company after 13 years with the supermarket group.
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Woolworths’ shares slump on CEO exit and NZ write-offs
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