Woolworths Tipped To Report Heavy Loss On Back Of Restructuring, Masters Exit

When Woolworths reports its full-year results on Thursday, expect to see a loss of about $1 billion, analysts say, after restructuring costs and its exit from the disastrous Masters hardware business, The Sydney Morning Herald reported. Credit Suisse analysts say that with a restructuring charge of $960 million and its exit from the Masters Home Improvement business being treated as a "discontinued operation", total impairments could hit $2.7 billion. That could leave Woolies with a statutory loss of around $1 billion. Woolworths' major shareholders have been impatient for Australia's biggest supermarket chain to stitch up a deal for the disposal of its hardware assets. The company is expected to make some sort of announcement as part of its full-year results. Woolworths chief executive Brad Banducci in May unveiled a strategic review to turn around the company's declining supermarket sales and stop it falling further behind rival Coles. Read more. (Subscription required.)
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