Woolworths Earnings Drop 42%
Countdown Supermarkets reports a 42% drop in pre-tax earnings, despite sales growth in rebranded stores and updates to its loyalty program.
January 29, 2024
Simon Rowles
Founder, CEO
Countdown Supermarkets Financial Update
Countdown Supermarkets, which is in the process of rebranding to Woolworths, has announced that its pre-tax earnings are expected to decrease by approximately 42%, totaling $71 million for the six-month period ending in December.
Sales and Rebranding Effects
Despite the decline in earnings, the supermarket chain reports an increase in sales across stores that have undergone the rebranding process. Additionally, significant advancements have been made in pricing strategies and the overhaul of its loyalty program.
Loyalty Program Transition
The existing Onecard loyalty scheme is set to transition to Everyday Rewards, starting from 1 February.
