Woolworths bounces back to profit after Masters disaster

Wednesday, 22 Feb 2017 06:04:37 | Michael Janda

Woolworths recorded a first half profit of $725 million. (ABC News: Nic MacBean)

Woolworths has bounced back from a massive loss, driven by its failed Masters hardware experiment, to post a $725 million first-half profit.

The retailing giant last year posted an interim loss of $973 million, largely due to a share of nearly $2 billion in write-downs associated with its move to close the failed Masters hardware business.

Without those massive write-downs the company has returned to profitability, however, it recorded a near-15 per cent drop in pre-tax earnings, and a 17 per cent fall in net profit, from its continuing operations.

Woolworths also recorded a relatively anaemic 2.6 per cent rise in sales from continuing businesses.

However, Woolworths chief executive Brad Banducci pointed to a strong second quarter result in the company's core food and grocery business, where comparable store sales climbed 3.1 per cent.

More to come.

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Woolworths bounces back to profit after Masters disaster

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