The biggest losers in Australia’s budget crisis
Posted On August 1, 2021
It’s a good day for the world of retail, and a bad day for retailers.
The retail sector is having a bad year.
Photo: Peter Rae The biggest winners have been big retailers like the Woolworths supermarket chain, the Argos and Woolworth, which is owned by Fairfax Media.
In the past two months, the world’s biggest retailer, Aldi, has posted a net profit of $1.8 billion.
“We’re looking at a period of very strong growth,” Mr Scott said.
Mr Scott has been in charge of Fairfax since 2012.
Fairfax’s net profit jumped from $2.5 billion to $2 billion.
The big losers have been the big retailers.
“Our focus right now is really on delivering value for customers, which means delivering better value for money,” he said.
Fairfax said it was taking its losses into account in its financial results, which were published on Thursday.
The retailer also posted a record profit of more than $800 million in the three months to September.
But that was largely due to the strong performance of its online and mobile sales.
It had a net loss of $5.1 billion.
Fairfax shares jumped $1,000 to $11.83 in late trading.
Mr Woolworth has been struggling for some time.
Last year it had a $1 billion loss, but that was thanks to the popularity of its discount department store.
Its online sales were down by more than 10 per cent.
Fairfax is one of the worlds biggest online retailers, with more than 700 million members.
Its website has more than 2.6 million pages.
“Aldi and Woolie are both doing well, but we do have some other things that are going on,” Mr Woolsworth said.
He said he was pleased with the way things were going, adding that he had no plans to leave.
“I am committed to the Fairfax brand,” he added.
Mr Aldi said its online sales had been “robust” during the recession, but the loss was “unexpected”.
“In the last two months we have been in the red with our online and offline sales,” Mr Aldis chief executive Peter O’Neill said.
“It’s a very challenging period for our business and we need to get back to business as usual.” AAP/ABC