Shares in Woolworths had their worst day since March 2020 on Wednesday, after the retailer flagged a fall in profits for its 2022 half year, weighed down by extended lockdowns in Australia, and civil unrest and power cuts at home.

Woolworths said in a trading update, headline earnings per share (HEPS), the primary measure of profit that strip out certain one-off items, expected to be more than 20% lower in its first half, which ends on December 26. Group turnover for the 20 weeks to November 14 fell 4.5% year on year in reported terms, ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now