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The Guardian

Woolworths profits hit as cost-of-living squeeze pushes Australians to cheaper products

The Guardian on
Woolworths profits hit as cost-of-living squeeze pushes Australians to cheaper products



Supermarket chain’s slowdown comes as competition watchdog accuses retailer of ‘illusory’ discounts on hundreds of items Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAustralia’s biggest supermarket chain, Woolworths, has warned its profits have been hit as cost-of-living pressures weigh on buying decisions, prompting shoppers to opt for cheaper products.The supermarket giant disclosed on Wednesday that sales growth had slowed in October after shoppers sought out items with “deeper specials”, sparking an immediate slide in its share price. Continue reading…



Source link : https://www.theguardian.com/business/2024/oct/30/woolworths-profits-financial-results-october

Author : Jonathan Barrett Senior business reporter

Publish date : 2024-10-30 01:35:26

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Tags : The Guardian

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