Woolworths shares tumble after weak earnings, ASX posts slight rise

Woolworths Group Ltd, Australia’s leading supermarket chain, is grappling with a significant downturn following its recent earnings report. The company announced a 19% decline in annual profit for the fiscal year ending June 2025, attributing this drop to price reductions aimed at restoring consumer trust and sluggish sales growth in its core Australian Food division. During the initial 8 weeks of the new financial year, sales in this area were only 2.1% as compared to the expected 4.1% and a slack behind that of Coles, which reported growth of almost 5%.