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Australia's Woolworths posts fall in annual profit on hotel, pub closures

Credit: REUTERS/DANIEL MUNOZ

Australia's biggest supermarket operator Woolworths Group Ltd reported an 8.4% fall in annual profit on Thursday, as the closure of its hotels and pubs due to COVID-19 restrictions offset a strong performance at its supermarkets division.

Aug 27 (Reuters) - Australia's biggest supermarket operator Woolworths Group Ltd WOW.AX reported an 8.4% fall in annual profit on Thursday, as the closure of its hotels and pubs due to COVID-19 restrictions offset a strong performance at its supermarkets division.

Excluding one-time charges, the company's net profit after tax attributable to shareholders from continuing operations came in at A$1.60 billion ($1.16 billion), lower than the A$1.75 billion a year earlier.

Analysts on average had expected a profit of A$1.66 billion, according to IBES data from Refinitiv.

($1 = 1.3820 Australian dollars)

(Reporting by Rashmi Ashok in Bengaluru; Editing by Shounak Dasgupta)

((Rashmi.Ashok@thomsonreuters.com; +918061822604))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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