(MENAFN) Australian supermarket giant Woolworths has just announced bad news as it logged a 12.5 percent decline in full-year net profit to USD1.5 billion up to June-28, plus its chairman is stepping down.
Key reasons can be attributed to bad sales of food, petrol and liquor during brutal competition from rival Coles and German retailer Aldi, therefore the overall income declined 0.1 percent to USD43.8 billion.
Woolworths declared its chief executive was leaving alongside the chairman who himself confessed that he's to blame, plus 1,200 jobs was cut as the company wanted to turn itself around.
"The most immediate issue is to identify new leadership to take the business forward," said an insider from the global search to find both chairman and CEO's successors.
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