Woolworths loses R1.1 billion as its Australian business continues to tank

Woolworths. Picture: Facebook.

It’s been a really tough three years at David Jones…

Ian Moir, CEO - Woolworths

As Chief Executive, you need to spend your time where it’s needed the most… We don’t have a CEO there [Australia]. I know the market well…

Ian Moir, CEO - Woolworths

Woolworths made a loss of R1.1 billion after tax for the year to 30 June 2019.

In the year to end-June 2018, the retailer lost R3.5 billion.

The company declared a final gross dividend of 98.5 cents per share (down 24.4%), bringing dividends for the year to 190.5 cents a share (down 20.3%).

Woolies is still suffering heavily in Australia, where it cut the valuation of David Jones to less than half of what it paid for it five years ago.

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

His company is compelling him to move to Australia to turn the business there around.

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

We’re seeing online growing strongly…

Ian Moir, CEO - Woolworths

We’ve got costs to take out of the business… we’re very focussed, we’re very clear…

Ian Moir, CEO - Woolworths

We’ve got a great food business here [South Africa], and we want to replicate it in Australia… But we don’t want to rush in where angels fear to tread…

Ian Moir, CEO - Woolworths

…not trying to be too fashionable or too young…

Ian Moir, CEO - Woolworths

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