'Eye off the ball': Woolies lays blame for limp results

The West Australian

Oct 30

Cost-of-living pressures, price cuts and worker strikes have led to “disappointing” earnings for the nation’s largest supermarket chain.Woolworths recorded falling earnings in the 2024/25 financial ...

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falling earnings in the 2024/25 financial ...</p>\n\n<a href=\"https://thewest.com.au/business/retail/eye-off-the-ball-woolworths-lays-blame-for-limp-results-c-20520738\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7046","symbol_name":"综合性资本市场","start_time":0,"source_url":"https://thewest.com.au/business/retail/eye-off-the-ball-woolworths-lays-blame-for-limp-results-c-20520738","article_id":"2579164792","we_media_id":null,"thumbnails":["https://images.thewest.com.au/publication/C-20520738/67095704b38bd27d85a6293a29f7bb6e81dc4dd8-16x9-x0y0w1280h720.jpg"],"rights":{"source":"thewest_stock","url":"https://thewest.com.au/business/retail/eye-off-the-ball-woolworths-lays-blame-for-limp-results-c-20520738","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2579164792","pubTimestamp":1761771096,"columns":[],"sourceInfo":{"source_id":"thewest_stock","name":"The West Australian"},"weMediaInfo":null,"summary":"A string of \"distractions\" are the reason why Woolworths failed to deliver for shareholders, the company's leaders say.","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7046":"综合性资本市场","BK7040":"食品零售","BK7082":"大卖场与超市","COL.AU":"COLES GROUP LTD","WOW.AU":"WOOLWORTHS GROUP LTD","BK7511":"ESG概念","BK7501":"新冠治疗股","MQG.AU":"Macquarie"},"translate_title":"“注意力不集中”：Woolies指责结果不佳","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COL.AU":0.9,"MQG.AU":0.87,"WOW.AU":0.87},"content_text":"Cost-of-living pressures, price cuts and worker strikes have led to “disappointing” earnings for the nation’s largest supermarket chain.Woolworths recorded falling earnings in the 2024/25 financial year, while sales were up 3.6 per cent to $69.1 billion but well short of expectations.The results reflected the result of a series of challenges, the supermarket giant’s chair Scott Perkins said.“I want to make it very clear to all shareholders that neither your board nor ... the management team is satisfied with recent performance,” he told shareholders at the company’s annual general meeting on Thursday.“We have put behind us a period where our teams were distracted by external factors, including a raft of regulatory inquiries, industrial action and CEO succession.”Woolworths had also adjusted to the “new normal of intensified competition”, Mr Perkins added, on the same day chief rival Coles reported faster sales growth in the first quarter of the new financial year.RetailCommentsWoolies CEO urges patience with sales ‘below aspirations’Daniel NewellBreakingPremiumBooming Coles’ kick in the tills for rival WoolwothsDuncan EvansThe supermarket giant also faced a more than $100 million hit after distribution centre workers went on strike for 17 days at the end of 2024.Mr Perkins acknowledged the focus on the various external events impacted on customers’ trust of the grocery giant’s pricing.“(We) took our eye off the ball at a period of quite dramatic change ... and the customer changed their purchasing patterns quite significantly during the period,” he said.Amanda Bardwell, who appeared at her first general meeting as chief executive, said cost-of-living pressures continued to weigh on household budgets, causing people to focus on hunting for bargains.The supermarket posted a 2.7 per cent increase in sales to $18.5 billion for the first quarter of the 2025/26 financial year.Its growth lagged that of its chief rival Coles, where sales grew 3.9 per cent to $10.5 billion.“I want to acknowledge that this performance was disappointing and well below our expectations,” Ms Bardwell said.“We want to be the first choice for customers for the freshest Australian food.”The issue of salmon farming reared its head at the meeting for the second year running as executives faced a barrage of questions about the supermarket’s decision to continue selling farmed salmon.annual and special corporate meetingPremiumHammered JB Hi-Fi enters holiday period with 'good momentum'Derek RoseRetailCommentsIs Domino’s cooking up a $4b takeaway order?Daniel NewellFish-farming practices in Tasmania’s Macquarie Harbour have been blamed for threatening the endangered Maugean skate, whose remaining wild populations live exclusively in the body of water.The supermarket was lashed by several shareholders for continuing to label its salmon products from Macquarie Harbour as “responsibly sourced” despite rival Coles removing the description from its packaging.More than a third of shareholders voted in favour of Woolworths identifying and reporting the impacts of farmed seafood it sells, while 14 per cent supported a motion for the company to align itself with a global best practice standard.Ethical share trading platform SIX’s Phoebe Rountree said the vote sent a strong message that Woolworths needed to take nature risks more seriously.“This is a message from shareholders today and investors will be watching them very closely to see how they respond to this vote,” she told AAP.Mr Perkins said the company relied on information from the University of Tasmania that indicated skate populations had recovered to decade-long highs.“However, if the evidence changes, so too will our position,” he said.“This is not a crusade by Woolworths.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}