The grocery giant pivoted to lower prices for value-conscious shoppers amid cost-of-living pressures, while shareholders have been rewarded with a special dividend.
Supermarket giant Woolworths has seen its profits dip after being hit by falling sales in the second half, but its shareholders have been rewarded with a special dividend.
Outgoing Woolworths chief executive Brad Banducci expects the trading environment to remain “challenging”.Outgoing chief executive Brad Banducci said the business lowered prices in its supermarket and Big W businesses as it grappled with lower customer satisfaction scores and lower sales in the second half, but there was improvement in the last quarter.
“Looking ahead, improving customer scores, item growth and lower inflation provide reason for optimism.“We also know that our customers remain under significant mortgage and rent-related financial stress and anticipate them to remain cautious, with the trading environment expected to be challenging for the rest of the financial year.”
Prices at the country’s largest supermarket fell 0.2 per cent and 0.6 per cent in the third and fourth quarter, marking the first time prices at Woolworths have fallen since the first half of 2022, as the supermarket passed on lower costs to customers, particularly in fruit, vegetables and meat.Woolworths’ e-commerce sales grew by 20.2 per cent as Aussies increasingly do their grocery shopping online.
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