Huge losses at Aussie retail giant Woolworths

AUSTRALIAN supermarket giant Woolworths yesterday reported a large annual net loss of A$1.23 billion (US$940 million), its first since listing more than two decades ago, following a failed push into hardware and a slump in food sales. Woolworths, Australia’s largest retailer and one of the two dominant supermarket chains in the country, recorded the sharp plunge for the year to June 26 compared to a net profit of A$2.15 billion in the prior period.