Original article by Sue Mitchell
The Australian Financial Review – Page: 1 & 12 : 18-Jun-15

Woolworths has advised that its 2014-15 net profit after significant items will be 12.2 per cent lower at around $A2.15bn. The retail giant had issued an earnings downgrade earlier in 2015, and CEO Grant O’Brien has revealed that he will step down when a successor is appointed. O’Brien unveiled a three-year turnaround strategy in May, which is aimed at making Woolworths more competitive against grocery rivals Coles and Aldi. Woolworths also intends to retrench 1,200 employees.

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