Where shoppers are seeing food prices rise, Woolworths New Zealand is seeing profits fall, but is still walking away with $76 million in its pockets.  

The latest annual figures show a 52% drop from last year, the source of which one business consultant says is ‘very opaque.’  

Ernie Newman told Tim Dower that he believes the recent $400 million rebranding and transfer pricing has something to do with it.  

Transfer pricing is when multi-nationals adjust their books and take their profits in whatever country they want to, usually to a country with the lowest tax rate. 

He says there's no sign of any benefit in this for consumers. 

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