Woolworth's Masters losses to balloon to $157 million

Woolworths lifts FY profit guidance across overall operations, says targets for home improvement JV were 'overly optimistic'.

Losses for Woolworths Ltd's troubled home improvement joint venture Masters will balloon beyond the retailer's previous guidance to hit $157 million for the 2012-13 financial year but the group insists the result will not sink further into the red for the current year. 

However, the loss would have no bearing on the retail giant's net profit for the year to June, with the group slightly upgrading the bottom end of its full-year guidance range to 5% growth.   

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