Woolworths New Zealand flags 42% slump in first-half profits
‘Re-inventing’ the New Zealand business is taking longer than expected, company says.
Woolworths CEO says the company is facing a ‘weaker medium-term outlook’.
ASX-listed grocery giant Woolworths says that the performance of its New Zealand unit “has continued to be challenging” and has booked a non-cash impairment of A$1.6 billion ($1.69b) on the business.
In a trading update to the ASX today, Woolworths said that while its “confidence in the
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