Retail in Asia

In Sectors

Woolworths’ New Zealand subsidiary dives deep into the red

The supermarket giant Woolworths has reported a loss of NZD53.4 million (USD38 million) at its New Zealand subsidiary in the June 2009 financial year.

The loss came after the company took a NZD86-million hit on its accounts due to the falling value of its 9.8-percent stake in discount store chain The Warehouse.