<?xml version="1.0" encoding="ISO-8859-1"?> <docID>327801</docID> <postdate>2024-08-28 09:49:32</postdate> <headline>Woolworths full-year profit plunges 93% to $103m</headline> <body><p><img class="size-full wp-image-327802" src="https://citynews.com.au/wp-content/uploads/2024/08/20240221001905584622-original-resized.jpg" alt="" width="900" height="600" /></p> <caption>Supermarket behemoth Woolworths has posted a lower profit for 2024. (Joel Carrett/AAP PHOTOS)</caption> <p><span class="kicker-line">By <strong>Derek Rose</strong> in Sydney</span></p> <p><strong>Woolworths made just $108 million in profit in 2023/24, down 93.3 per cent from the $1.7 billion the year before, after $1.6 billion in writedowns hurt its bottom line.</strong></p> <p>Excluding the impairments the supermarket giant made $1.7 billion in net profit for the 53 weeks to June 30, down 0.6 per cent from the year before on a normalised basis.</p> <p>Woolworths in January recorded a $NZ1.6 billion ($A1.5 billion) non-cash impairment against the $NZ2.3 billion ($A2.1 billion) in goodwill on its balance sheets stemming from its 2005 acquisition of Foodland New Zealand.</p> <p>It also record a $209 million loss on its 9.1 per cent stake in alcohol retailer Endeavour Group after changing how it accounts for that investment.</p> <p>Woolworths recorded $67.9 billion in sales for 2023/24, up 3.7 per cent from the previous year after adjusting for the fact that it was slightly shorter.</p> <p>Chief executive Brad Banducci said the inflation in its food business and Big W moderated significantly in the second half, with supermarket food prices dropping 0.2 per cent in the third quarter and 0.6 per cent in the fourth.</p> <p>Woolworths declared a 40 cent per share special dividend and a final dividend of 57 cents, down one cent from last year. For the full year Woolworths will pay out $1.44 in dividends, up 38.5 per cent from 2022/23.</p> <p>https://citynews.com.au/2024/coles-reports-30-jump-in-online-supermarket-sales/</p> </body>