Australian fires, drought hit Woolworths sales, shares down [Reuters]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Reuters
Australian fires, drought hit Woolworths sales, shares down SYDNEY (Reuters) - Australia’s largest supermarket chain Woolworths Group Ltd ( WOW.AX ) posted a jump in first half profit as promotional giveaways lured shoppers, but warned of softer trading ahead as drought and months of bushfires hurt the quality of its produce. The country’s biggest company by sales also on Wednesday bumped up its total projected bill for staff backpayments dating back nearly a decade, adding to the challenges for the Sydney-listed operator of about 1,000 supermarkets. Shares of Woolworths fell nearly 4% in morning trading, more than a broader market decline of 1.8% amid fears about the spread of the coronavirus, as investors looked past a rise in underlying profit and focused on its lacklustre outlook. “We continue to navigate an uncertain consumer and natural environment and expect this to continue, with a slower start to trading in Q3,” Chief Executive Officer Brad Banducci said in a statement. Ban
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