Even though Woolworth’s first-half profit outperformed rival Coles for the first time in seven years, the group’s earnings fell short of the street’s expectations.
For the six months ending December 31st, the group announced a profit of $725 million, up from a $972 million loss during the same time last year. market analysts were expecting a profit number of over $800 million.
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Despite the solid earnings growth, the company cut its dividend to 34 cents per share, compared to 44 cents in the corresponding period last year. The street was expecting a dividend of 45 cents per share.
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