Woolworths slumps as Australian restrictions and SA civil unrest eat into profits
The group says extended lockdowns in Australia affected trade, while load-shedding and civil unrest took their toll in SA
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, ..