Sunday, September 7, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Uncategorized

Australia’s Woolworths CEO quits as food price inquiry looms, half-year profit misses

by Riah Marton
in Uncategorized
Australia’s Woolworths CEO quits as food price inquiry looms, half-year profit misses
Share on FacebookShare on Twitter


WOOLWORTH Group on Wednesday said CEO Brad Banducci will retire after more than eight years at the helm, just as Australia’s biggest grocer prepares for a public inquiry into suspected price gouging and flags weaker second-half earnings.

Banducci, who has been at Woolworths for 13 years, has in recent weeks faced public angst and political pressure over high grocery costs, and was criticised after refusing to stock certain merchandise for Australia Day due to lack of sales.

This week, he almost walked out of ABC’s Four Corners programme addressing allegations that supermarket allegedly keep prices high despite a cost of living crisis.

“It has been a privilege to be a member of the Woolies team and one I have never taken for granted,” Banducci said in a statement.

In an email to staff, seen by Reuters, Banducci said he was not retiring because he was tired or worried about the upcoming inquiry, but because it was “time to pass on the baton”.

Woolworths and rival Coles face an inquiry next month amid claims that top grocers were inflating profit margins, worsening living costs for Australians. Woolworths and Coles have defended price rises in submissions to the inquiry.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Banducci will retire from the roles of managing director and group CEO in September, Woolworths said. He will be replaced by Amanda Bardwell, currently the managing director of WooliesX which includes Woolworths Digital and Media.

Banducci’s departure “will come as a negative surprise,” to markets, said Jarden analyst Stuart Archibald.

Woolworths’ share price was down 5.7 per cent at market open after the announcement.

Cautious spending

The company forecast lower group operating earnings in the second half of the year compared with the first, with Woolworths Food Retail sales rising a meagre 1.5 per cent so far in the January-June period.

“Sales in the first seven weeks of H2 F24 have continued to moderate, reflecting lower inflation and a more cautious consumer,” Banducci said in an exchange filing.

Underlying net profit attributable to shareholders was A$929 million (S$818 million) for the half-year ended Dec 31, compared with A$907 million in the same period a year earlier. That missed LSEG’s average analyst estimate of A$941 million.

Australian Food, the top money-making segment, clocked first-half sales of A$25.90 billion, up 5.4 per cent on year, with a gross margin rising 96 basis points to 28.9 per cent.

In New Zealand Food, sales jumped 2.3 per cent to NZ$4.17 billion (S$3.5 billion), but the gross margin declined 18 basis points to 22.6 per cent owing to higher costs.

Woolworths declared an interim dividend of 47 Australian cents a share, versus 46 cents last year. REUTERS



Source link

Tags: AustraliasCEOFoodhalfyearInquiryloomsmissesPriceProfitQuitsWoolworths
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
Singapore to invest up to S0 million in 10 Gbps fibre network upgrade

Singapore to invest up to S$100 million in 10 Gbps fibre network upgrade

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In