Woolworths has reported a $175m surge in net profit to $1.14bn, but the supermarket giant’s chief executive, Amanda Bardwell, said it had not done so by lifting shelf prices.
Background of Criticism
The supermarket duopoly, Woolworths and Coles, has previously faced criticism for fattening profit margins during periods of high living costs at the expense of higher prices for shoppers.
Reasons for Consumer Choice
Woolworths pointed to the drop to “ongoing cost-of-living pressures on households” and the ever popular Ooshies campaign as the reason shoppers continued to choose the supermarket giant.
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The supermarket’s profit announcement comes amid ongoing concerns about the cost-of-living crisis affecting Australian households.
