Big W sales weighed on the overall group's result, falling 4.1 per cent during the half with pre-tax earnings off 60 per cent.
Shareholders will get 47 cents a share .insignificant dividend
It also booked a $209 million reduction in the value of a stake in ASX-listed alcohol and hotels spin-off Endeavour,
"The retirement of a well-respected CEO, during a period of heightened press and government scrutiny, and very weak sales in January (is) expected to see share price weakness following the result," E&P Capital retail analyst Phillip Kimber said in a briefing note.
Former ACCC chair Allan Fels described the company's write-offs as potentially "camouflage" and "a bit of cover-up" for rising profit margins."Basically, their food and grocery profits are well up at a time when most Australians are suffering from a cost-of-living crisis,"
Mr Banducci is still expected to front a Senate inquiry into food prices next month until he does the SP will be under pressure
Sack the CEO!, page-192
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