Woolworths boss Brad Banducci says Australians are gradually starting to change how they shop as inflation bites, trading down beef to cheaper proteins and stocking up on more canned produce.
Sales at Woolworths supermarkets were up 4.5 per cent to $45.5 billion, while Big W revenues dropped 3.3 per cent to $4.4 billion, with virus-related disruptions felt across the year. Woolworths CEO Brad Banducci said it was clear that cost of living pressures were changing how people shopped.Banducci said that while it was difficult to separate current shopping trends from the impacts of the pandemic, it was clear that cost of living pressures were changing how people shopped.
“Beef prices continue to go up and up... There comes a point where you can’t actually pass it on to customers,” he said. Where the company had accepted price rises from growers, it had not always passed these increases on to customers, he said. The business is continuing to feel the impacts of COVID, with staff absences remaining elevated due to illness.
MsEmmaK Let it rip! It’s what you wanted.
MsEmmaK Who cares? Oh that’s right, the shareholders. Who are the major shareholders of Woolworths? You know, the ones that walk always with the dividends en masse.
MsEmmaK All the while under paying their staff.
MsEmmaK 'Aspirations'. Was that deliberate?
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