Woolworths Limited
(ASX:WOW) has announced its chief will step down, provided an update on trading, significant items and earnings guidance and confirmed it will cut 1,200 jobs.
The Australian supermarket giant says its CEO and Managing Director Grant O’Brien will retire after 28 years with the company but continue to serve in the role until a new boss is appointed.
Commenting on trading conditions Woolies has advised its disappointing food and liquor sales performance has not improved in May and June.
Looking ahead the group expects to report a steady annual net profit in line with last year’s result of $2.45 billion, or $2.15 billion when accounting for the impact of significant items.
Woolworths reported a net profit of $1.28 billion in the first half of the 2015 financial year.
