Woolworths chief executive Brad Banducci called the first half one of the toughest ever.
The nation’s largest supermarket chain Woolworths Group posted a 9.6 per cent slide in total group sales for 2022, hurt by product shortages, supply chain disruptions and staff absenteeism, while earnings fell 2.7 per cent.
, but on an underlying basis profits from continuing operations gained just 0.7 per cent to $1.51 billion.The engine room of Woolworths is its Australian food business where sales increased 4.5 per cent over the year to $45.46 billion, with comparable sales for the year increasing 3.5 per cent. June quarter average prices increased 3.6 per cent with inflation driven by industry-wide input cost pressures.In fresh food, meat continued to be hit by higher commodity prices and vegetables with wet weather and flooding hurting supply. Fruit continued to be in deflation in the fourth quarter.Group sales from continuing operations rose 9.2 per cent to of $60.85 billion, with earnings before interest and tax and significant items fell 2.7 per cent to $2.69 billion.
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