Aug 25 2016

Woolworths Australia reports a record annual loss of A$1.23bn

Woolworths, Australia’s biggest supermarket chain, has reported a record annual loss of $1.23 billion

However, Woolworths appears to have actually made a profit of $0.6bn, with the loss being created by the A$1.8bn write off from its decision to close its Masters hardware stores in December.

Woolworths has confirmed it will close all the stores of its failed home-improvement chain Masters in December.

In 2015 the company made $2.15 billion after tax in the 12 months to the end of June.

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