Business
Woolworths cuts dividend as profits fall – The Australian Financial Review
COVID-19 related costs and large one-off expenses offset a boom in sales.
Panic buying of food and groceries boosted Australian supermarket sales by as much 40 per cent in March and was followed by more at-home consumption and cocooning.
However the strong growth in sales was erased by higher costs for cleaning, hiring extra staff in stores, distribution centres, security and scaling up e-commerce capacity, particularly home delivery.
Underlying EBIT included incremental operating costs related to COVID-19 of close to $290 million and as well as about $30 million ne…
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