---
title: "Woolworths Group FY Profit Drops; Declares Special Dividend"
description: "Woolworths Group Limited (WOW.AX) reported a 93.3% decline in net profit after tax to A million for the year ending June 30, 2024. Significant items totaled A.603 billion, including an impairment in N"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/212718774.md"
published_at: "2024-08-28T01:15:58.000Z"
---

# Woolworths Group FY Profit Drops; Declares Special Dividend

> Woolworths Group Limited (WOW.AX) reported a 93.3% decline in net profit after tax to A million for the year ending June 30, 2024. Significant items totaled A.603 billion, including an impairment in New Zealand Food. Annual sales increased by 5.6% to A.92 billion, with all segments except BIG W showing growth. A final ordinary dividend of 57 cents per share was declared, along with a special dividend of 40 cents per share. The Group anticipates improved sales momentum in fiscal 2025 and plans further investment in its supply chain.

Woolworths Group Limited (WOW.AX), an Australian chain of supermarkets and grocery stores, reported that its net profit after tax attributable to equity holders of the parent entity after significant items for the 53 weeks ended 30 June 2024 declined 93.3% to A$108 million from A$1.618 billion in the prior year.

The latest year significant items after tax of A$1.603 billion included an impairment in New Zealand Food of A$1.501 billion, a loss of A$209 million related to the mark-to-market of the Group's investment in Endeavour Group, and a gain of A$107 million related to the revaluation of put option liabilities over non-controlling interests.

Annual net profit after tax attributable to equity holders of the parent entity before significant items declined by 0.6% year-over-year to A$1.711 billion with normalized net profit after tax on the same basis declining by 3.0% with the EBIT increase offset by higher finance costs and income tax expense.

Annual group sales increased 5.6% year-over-year to A$67.92 billion, with normalized sales increasing by 3.7%. All segments other than BIG W reported sales growth on the prior year. Excluding Petstock, normalized sales increased by 3.1%.

The fully franked final ordinary dividend is 57 cents per share, bringing the total ordinary dividend for the year to 104 cents per share. This is consistent with the prior year and reflects a full-year payout ratio of 74.3%. The Group announced a 40 cents per share special dividend in addition to the 2024 final dividend.

Looking ahead, sales momentum in fiscal year 2025 has continued to improve across the Group in line with improving Customer scores.

Operating capex in fiscal year 2025 is expected to be A$2.0 billion - A$2.2 billion reflecting ongoing investment in its supply chain network and an increase in the number of renewals planned for fiscal year 2025.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.