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Saturday 11th February 2012

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You are here: Home | News | Woolworths profits nosedive

Woolworths profits nosedive

Profit before tax was £16m in the year to end January, down by 74 per cent on the year before.

Revenue from the ongoing businesses rose by 4 per cent to £2.74bn, though like-for-like sales fell 6.6 per cent on the year. Profit from continuing ope rations before tax and exceptional items fell from £43.7m to £7.3m, while adjusted profit fell from £57.7m to £21.8m.Sales in the Entertainment Wholesale and Publishing businesses increased by 29.7 per cent. Trevor Bish-Jones, Chief Executive said 'Last year was difficult for the Woolworths Group, particularly for the Retail business. But we made some important investments which we believe will deliver benefits for the business in the future. At EUK we have made extremely good progress and have more than offset the loss of the Tesco contract with a number of acquisitions and new contract wins. At Woolworths, our multichannel offer has proved popular with customers who appreciate the option of being able to shop on line, in store or through a catalogue as well as having access to a

wider range of products.

The retail environment is likely to remain challenging in the current year. The first seven weeks of the new financial year have begun positively, but it is early days and we will continue to manage the business tightly.'

Tagged as: woolwroths | retail | retailers | retailing | retail jobs

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