This article is from the Australian Property Journal archive
WOOLWORTHS CEO Brad Banducci has announced his departure as the supermarket giant posts a $781 million loss for 1H24.
The net loss after tax comes after a profit of $845 million in the previous corresponding period. However, the loss was driven by two one-off major accounting write-downs.
Before these significant items, Woolworths sales were up 4.4% to $34,635 million, with EBITDA up 5.3% to $3,079 million and EBIT up 3.3% to $1,692 million.
Before significant items, NPAT was up 2.5% to $929 million and basic EPS was up 2.0% to 76.2 cents.
While after significant items basic loss per share was at 64.1 cents and interim dividend per share was at 47 cents fully franked.
“The group’s first half F24 result was mixed and reflects solid results from Australian Food and Australian B2B somewhat offset by the impacts of a very challenging trading environment on New Zealand and BIG W,” said Banducci.
In Woolworths’ other segment, which includes property, EBITDA increased to $29 million driven by lower advanced analytics costs and higher proceeds from property sales offset somewhat by a lower contribution from Endeavour Group reflecting the partial sale of Woolworths Group’s stake in December 2022.
Depreciation and amortisation increased by 5.1% to $97 million. LBIT of $68 million declined by 19.9% compared to the prior year.
Banducci is set to retire in September 2024 after 13 years with Woolworths Group and more than eight as CEO.
Amanda Bardwell has been announced as his replacement and has been appointed as managing director and group CEO.
The leadership change is reportedly not a result of Banducci’s performance on ABC’s Four Corners this week or the 1H24 loss.
