Woolworths Ltd
(ASX:WOW) has reported its profit fell 157.5% in FY16, resulting in a full year net loss of $1.23 billion. In contrast, its net profit was $2.1 billion in FY15.
Australia’s largest grocery chain will close its home improvement chain, Masters, in December – a decision which contributed to that significant loss.
The company also says this result was driven by a slump in earnings from its underperforming Big W stores.
Woolworths will pay a dividend of 77 cents per share – which is below expectations. The full-year dividend in FY15 was almost double, at $1.39 per share.
