Profit slides at Woolworths

Australian supermarket giant Woolworths on Friday posted a 12.5 percent slide in full-year net profit and announced its chairman was stepping down, just months after the group's chief executive quit. Profit at the country's largest food retailer fell to Aus$2.15 billion (US $1.54 billion) in the year to June 28 on the back of poor sales of food, liquor and petrol amid fierce competition from rival Coles and German retailer Aldi.
One-off costs and write-downs of Aus$426 million also hit the bottom line, along with more than Aus$200 million spent on improving its supermarkets during the year. Revenue edged down 0.1 percent to Aus$61.15 billion. In June, Woolworths announced chief executive Grant O'Brien was leaving and 1,200 jobs faced the axe as the company sought to turn itself around, with chairman Ralph Waters following him out the door.