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Australia’s Woolworths half-year profit falls 21% -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man stands outside Woolworths following an easing in restrictions to stop the spread of coronavirus (COVID-19), in Sydney, Australia on June 16, 2020. REUTERS/Loren Elliott

(Reuters) – Woolworths Group Ltd reported Wednesday a 21% decline in its half-year profits. This was due to pandemic-related costs. Its earnings were hurt by consumers who stockpiled essentials while they were under lockdowns or restrictions.

The net profit from continued operations of Australia’s largest supermarket operator was A$676 Million ($488.00million), less than A$850 million last year.

($1 = 1.3852 Australian dollars)

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