By Dominic Powell and Emma Koehn.
Australian retail giant Woolworths has posted a full year profit of $1.53 billion, but its results have revealed department store Big W is languishing.
Big W reported a loss of $150.5 million in the 2017 financial year, which was described as an “extremely disappointing” result for the retailer by chief executive Brad Banducci. However, the business is still focused on pulling the department store chain up again as it battles against rivals Kmart and Target.
“[The 2018 financial year] will continue to be a year of investment for Big W and we do not expect a reduction in losses as we continue to invest to improve the customer shopping experience, including re-establishing price trust,” Banducci said, reports news.com.au.
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“We put the customer back at the heart of Big W by developing a strategy focused on rebuilding customer trust on price and deliver the right product solutions, while enhancing our customers’ shopping experience in-store and online.
“We have started to make a number of changes across the business to rebuild team morale and capability and create a strong platform to re-establish our price credentials.”
Queensland gets moratorium on supermarket Sunday trading
On Tuesday evening the state passed legislation that will affect 21 regions in the state, including Mount Isa and Ayr. It will mean supermarkets in those areas will be unable to apply for Sunday trading until at least 2022, reports the ABC.
“At last the Government has understood the plight of small businesses and provided a respite from the escalating number of applications by larger retailers in their grab for more trading time,” he said.
Apps taken off Google Play over malware fears
Itnews reports hundreds of apps have been removed from Google Play’s store after cybersecurity company Lookout found a vulnerability in a software development kit many app developers use.
Five hundred products have been pulled from the store over concerns the Igexin advertising kit, which is used to enable in-app ads, could download and execute plugins that could spy on users.