Woolworths takes a big bath

More writedowns will hit the 2016 result, but underlying earnings are within expectations and there’s early evidence customers are returning.

Only last month, we said in Woolworths: Competition cuts in that ‘we’re getting closer to a more emphatic Buy’. Today’s announcement from Woolworths takes us further away. Business turnarounds are rarely linear but the announcement was unequivocally good news. The market thought so too – witness the 8% jump in the share price.

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