Woolworths profits hit as cost-of-living squeeze pushes Australians to cheaper products
by Jonathan Barrett Senior business reporter from World news | The Guardian on (#6RV9G)
Supermarket chain's slowdown comes as competition watchdog accuses retailer of illusory' discounts on hundreds of items
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Australia's biggest supermarket chain, Woolworths, has warned its profits have been hit as cost-of-living pressures weigh on buying decisions, prompting shoppers to opt for cheaper products.
The supermarket giant disclosed on Wednesday that sales growth had slowed in October after shoppers sought out items with deeper specials", sparking an immediate slide in its share price.
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