Woolworths earnings rise 3 per cent for year but full-year net profit plunges to $108m

Woolworths Group’s earnings have risen 3 per cent but the company bottom line has been smashed by impairments on its New Zealand supermarkets, leaving its overall profit just more than $100m.

Releasing its annual results on Wednesday, Woolworths posted a 5.6 per cent rise in sales to $67.9bn on the back of its Australian supermarkets.

Before the $1.5bn New Zealand impairment, Woolworths’ net profit fell 0.6 per cent to $1.7bn.

Know More: https://www.news.com.au/finance/business/retail/woolworths-earnings-rise-3-per-cent-for-the-year-but-fullyear-net-profit-plunges-to-108m/news-story/cdaa7034012068194ce8136665bcfc30