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Woolworths nailed by business in Australia, makes a loss of R3.5 billion

The Money Show’s Bruce Whitfield interviews Woolies CEO, Ian Moir.

A Woolworths Food store. Picture: EWN

A Woolworths Food store. Picture: EWN

Woolworths made a loss of R3.5 billion in its 2018 financial year.

The R6.9 billion impairment of its Australian chain David Jones saw profits slump from the R5.4 billion it made in 2017.

Group turnover grew by 1.6% to R75 billion.

The Money Show’s Bruce Whitfield interviewed Woolies CEO, Ian Moir.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

We were really impacted by the cost of the disruption at David Jones.

Ian Moir, Woolworths

We’re doing the right things; they’re just hard to do.

Ian Moir, Woolworths

We’ve got an excellent business in food… We made mistakes in women’s fashion that cost us…

Ian Moir, Woolworths

We’re beginning to see sales above market…

Ian Moir, Woolworths

We understand what we got wrong in clothing…

Ian Moir, Woolworths

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This article first appeared on 702 : Woolworths nailed by business in Australia, makes a loss of R3.5 billion

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