ZB ZB
Live now
Start time
Playing for
End time
Listen live
Listen to NAME OF STATION
Up next
Listen live on
ZB

Woolworths' profits drop by over half, source of which is unknown

Author
Newstalk ZB,
Publish Date
Wed, 6 Dec 2023, 7:29AM
Photo / David Rowland
Photo / David Rowland

Woolworths' profits drop by over half, source of which is unknown

Author
Newstalk ZB,
Publish Date
Wed, 6 Dec 2023, 7:29AM

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. 

LISTEN ABOVE 

Take your Radio, Podcasts and Music with you