The country’s largest supermarket owner has ramped up discounting amid intense political pressure to help financially strained families, warning investors that it was heading for lower earnings at the start of the year.
The lower prices at Woolworths – particularly in meat, pantry and freezer products – came as shoppers turned in bigger numbers to home brand goods as they grappled with high mortgage and utility bills.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
