Woolworths Limited
(ASX:WOW) chairman Ralph Waters has expressed his frustration with what he calls impatient investors who have complained about losses in the Masters home improvement business.
Speaking at the grocery giant’s annual general meeting, Mr Waters also defended the board's decision to sell off the Dick Smith electronics business, which is now set to float under its new owners with a valuation much higher than its sale price.
The Woolworths chairman said the attitude of investors in Australia and New Zealand was a little frustrating.
He says the business has generated a billion dollars in turnover, however this has been offset by start-up and supply chain costs.
Masters lost $157 million in fiscal 2013, more than the $119 million forecast by the company.
Woolworths reported a net profit of $2.26 billion in fiscal 2013.
