Woolworths has reported a 17% drop in full-year profit, losing ground to major rival Coles. CEO Amanda Barwell says the supermarket giant has work to do to regain customer trust.

Bella Vista

Woolworths, Australia's largest employer, has announced a 17% decline in full-year profit to $1.38 billion, attributing the slump to significant losses at its Big W division and a deterioration in customer confidence. The company has also faced lawsuits over discount claims, political scrutiny regarding its market power, and industrial action, leading to a reduction in its dividend and a sharp fall in market value.

In contrast, competitor Coles has reported better-than-expected results. Woolworths' leadership acknowledges the need to rebuild customer trust and improve value perception. Despite the financial setbacks, the company has achieved a 15% reduction in carbon emissions over the past year through investments in electric vehicles, rooftop solar, and improved refrigeration.

Woolworths profits tank, rival Coles gains ground

Power balance in our supermarket wars is shifting. The result that we've delivered is well below our expectations and it is a disappointing result. It's fresh misery for Woolies in a week when Coles delivered a better than expected result. Full year profit is down 17% to 1.38 billion dollars, not helped by a heavy loss at Big W. This is very significant. Australia's biggest employer has faced lawsuits from the regulator over bogus discount claims, political pressure over market power and industrial action. But Coles has had all but the last of those and flourished. There is work for us to do to rebuild customer trust. With its dividend reduced, investors have turned on Woolies, slashing billions from its market value just this week. Woolworths says its value perception has deteriorated. Now that's a fancy way of saying that customers no longer believe that Woolies is the key to a cheap weekly shop. That loss of customer confidence is now hurting. What I'm hearing from customers is they want reliable, consistent, low prices. The Woolies boss hopes to return to profit growth in this new financial year, but the people who produce the food are still not happy. We continually hear the evidence that farmers are being done over, and particularly the smaller ones. On the upside, with EV trucks, rooftop solar and better refrigeration, Woolies has reduced its carbon emissions over the past year by 15 per cent. Hugh Rimington, 10 News.

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