Woolworths to take US$1bil charge against NZ business

FILE PHOTO: Shoppers walk into a Woolworths supermarket in Sydney, Australia August 22, 2017. REUTERS/Jason Reed

SYDNEY: Woolworths says it will record a non-cash impairment of NZ$1.6bil (US$974.4mil) in its 2024 interim results because the supermarket chain’s New Zealand business faces challenges amid a weak market outlook.

The food retailer also said it would record a A$209mil loss (US$137.35mil) after a review of its 9.1% stake in local alcohol retailer Endeavour Group because the company feels it no longer holds “significant influence” over the ASX-listed peer.