'Advocates of leaner business': Woolworths under pressure to dump Big W, NZ operations as investors demand a simpler strategy
However, recent controversies surrounding the complexity of Woolworths Group’s operations have led to a significant profit decline.On 28 August, Woolworths Group reported a dismal $108 million net profit, a staggering 93 per cent drop from the previous year. Without these financial burdens, the group's profit drop was a mere 0.6 per cent compared to FY23, resulting in a $1.7 billion profit. According to the Australian Financial Review , Dushko Bajic, a portfolio manager at global firm First Sentier Investors, delivered a clear message to Woolworths’ new CEO Amanda Bardwell during a recent meeting.