The competency question falls over Woolworths

Woolworths' hardware foray is a $2 billion play yet the company appears to have fumbled the basics of a retail offering. It's the second major blot on Woolworths' recent copybook.

The most striking, and disturbing, aspect of yesterday’s disclosure by Woolworths of the blowout in losses from the Masters hardware joint venture was its admission that it didn’t know a lot about the business when its budget was set for this financial year.

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