Woolworths Holdings Limited has posted it’s first full year loss since 2002. The revaluation and transformation of its David Jones brand cost the company more than 700 million Australian dollars.
The company has presented its financial results in Cape Town – reporting on a profit slump of at least 20%.
Last year Woolworths posted its first annual decline in profits since 2009.
This year has been even tougher as the investment to grow market share in Australia backfired.
“I mean we are seeking to make a great business in David Jones but its been hard. We have changed every system in the business. We’ve moved all of our people from one city to another. We’ve opened new offices, we’ve launched a food business, we’ve invested 4 billion dollars between ourselves and our partners so its been massive and so it cost us. It cost us in disruption, it cost us in sales,” says Woolworths Holdings Limited, CEO Ian Moir.
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