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.
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.
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's New Zealand.
Sales rose by nearly six per cent but after tax profit was down 93.3 per cent to $108 million. (Joel Carrett/AAP PHOTOS)
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.
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.
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.
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.
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