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Woolworths grocery sales, Big W earnings surge during COVID-19 pandemic

Published: (Updated: ) in Australian News by .

Woolworths expects full year earnings before interest and tax to be in the range of $3.2 billion to $3.25 billion.

Woolworths says trading so far in the June quarter has continued to be strong with food sales in Australia up 8.6 per cent, and in New Zealand up 15.1 per cent.

Sales at Big W jumped 27.8 per cent in the 10 weeks to June 14, while its Endeavour drinks business saw a 21.4 per cent growth for the same period.

The retail giant said it expects full year earnings before interest and tax to be in the range of $3.2 billion to $3.25 billion, compared to $3.29 billion for a 53-week period last year.

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The group also outlined extra costs worth $460 million for the second half of the financial year on account of transformation costs for its supply chain, Endeavour Drinks, and remediation of staff underpayments.

More to come.

Source: 9News https://www.9news.com.au/national/woolworths-earnings-flat-as-big-w-surges-during-covid-pandemic/6547c32e-5dd8-4345-9169-284da73b3a96

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