Woolworths: Interim result 2016

Woolworths' result was poor and there’s much more to do. But the appointment of a new managing director is another step in the right direction.

It’s safe to say Woolworths’ new managing director, Brad Banducci, won’t be getting a Christmas card from Lowes this year. On Friday Woolworths wrote down various items related to its home improvement joint venture with Lowes – which includes Masters – to the value of $3.2bn.

As a result Woolworths reported an interim loss of almost $1bn, its first loss since listing in 1993. But more on that shortly.


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