By Rebecca HowardThe Countdown supermarket chain posted a 4.5 per cent drop in first-half earnings due to a strategy of investing in team hours, costs of a new loyalty alliance with AA Smartfuel and uninsured losses related to the November earthquake. Sales were $3.23 billion versus $3.18b in the prior corresponding period, up 1.6 per cent. According to the company, sales in the prior year benefited from the bulk sales of gift cards. Excluding the sales of these cards, sales growth was 2.8 per cent, it said. Woolworths reported total group earnings before interest and tax of A$1.26b, up 170 per cent on the year and a net profit of A$725.3m, up 175 per cent.

Source: New Zealand Herald February 22, 2017 01:07 UTC