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Goodman Fielder Limited (ASX:GFF) has joined a growing list of companies to slam the dominance of Australia’s supermarket giants, Woolworths Limited (ASX:WOW) and Wesfarmers Limited (ASX:WES) owned Coles.
The breads and spreads manufacturer has blamed the price war between Coles and Woolies as a significant factor for denting its fiscal 2011 earnings.
Goodman yesterday revealed that it had swung from a $161 million net profit in fiscal 2010 to a net loss.
Impairment charges also dragged down the result as well as high prices for raw ingredients and a fall in consumer spending.
CEO Chris Delaney has flagged a restructure of the company and says it is in Goodman’s best interests to “solve issues” with the supermarket giants.
In the 2011 financial year Goodman Fielder posted a net loss of $161.3 million.
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