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Woolworths Announces Profit Downgrade:First in 17 years

Today,  Woolworths Chief Executive Michael Luscombe,announced that Woolworths has been forced to downgrade its profit forecast for the next full year. This is the first profit downgrade for 17 years.

 Mr. Luscombe cited   a tough sales environment,    the impact of flooding in the eastern states of Australia and the earthquake in New Zealand as factors.

By 11:30am (AEDT) Woolworths shares had slid by as much as 2.4 per cent to $26.80

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see also
http://www.theaustralian.com.au/business/opinion/woolworths-profit-downgrade-a-first-since-1996/story-e6frg9io-1225993549907

http://www.theaustralian.com.au/business/opinion/woolworths-boss-michael-luscombe-warns-of-challenging-environment/story-e6frg9if-1225993868901