Woolworths Reacts To Profit Downturn – Woolworths has posted
a 12.5% drop in full year profit and been handed a credit rating downgrade. It
has responded by appointing a new chairman with ex David Jones chairman, and
current Origin chairman, Gordon Cairns taking over the reins.
A number of write-downs included $148m in general
merchandise inventory at Big W. Woolworths non-food business was a big factor
in the profit decline according to a report on the ABC which also referred to
competition from the likes of Aldi and Costco.
