Matt Tyson, the UK hardware veteran charged with the task of turning around Woolworths’s loss making Masters chain, is not backing away from ambitious growth targets, saying the business is on track to break even in two years.
Tyson, who arrived in Australia two weeks ago, says he would not have taken the job unless he believed Woolworths’s public forecasts for a path to profitability were achievable.
Woolworths’s home improvement business lost AUD139 million (USD124.6m) in 2013 – well ahead of its original AUD80 million estimate – and Woolworths has said that it will post similar losses in 2014.
(Source: The Sydney Morning Herald Online )