Woolworths CEO,
Grant O’Brien, is to depart following recent “disappointing” results.
Competition from the likes of Coles and Aldi along with huge losses in the
Masters venture are said to be related factors. O’Brien will continue as CEO
during the transition to new leadership.
Metcash is to sell its
automotive businesses as it restructures and diverts resources to other areas. The
auto business which includes Aotopro, Autobarn and Midas chains has been sold
to Burson Auto Parts for reportedly $275m.
After a strong debut, retail
invaders like Zara and H&M are reportedly struggling to maintain
progress. Zara have announced a 33% fall in earnings for the 12 months to
January and H&M lost $2.9m in the 12 months to November. Increasing
competition, lower margins and the impact of the A$ are considered to be
impacting on the bottom line.
21/6/2015
