Woolworths Carries Early Signs of Improvement Into Fiscal 2017; FVE Unchanged
Narrow-moat Woolworths reported underlying net profit after tax of AUD 1,558 million, excluding discontinued operations, in line with consensus but 5% lower than our estimate. Underlying EBIT, excluding discontinued operations, of AUD 2,564 million declined from AUD 3,973 million, down 36% year on year, in line with guidance of AUD 2,550 million-2,570 million. The sharp decline was primarily due to a significant drop in operating profit from the Australian food and petrol business, which was dow...Woolworths Group is organized into five segments: Australian Food and Petrol, which involves the procurement of food and petroleum products for resale to customers in Australia; New Zealand Supermarkets, which involves the procurement of food and liquor and products for resale to customers in New Zealand; Endeavour Drinks Group, which involves the procurement of liquor products for resale to customers in Australia; BIG W, which involves the procurement of discount general merchandise products for resale to customers in Australia; as well as Hotels, which involves the provision of leisure and hospitality services, accommodation, entertainment and gaming in Australia.
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