Woolworths’ profit slumps as cost of living drives shoppers elsewhere

Grocery chain, which has also been rocked by industrial disruptions at warehouses, suffers a near 21% drop in its six-month net profit

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Woolworths has recorded a rare slide in profit after customers grappling with rising living costs abruptly shifted some of their weekly grocery spend away from Australia's biggest supermarket chain.

The financial result, a near 21% drop in its six-month net profit to $739m, was also weighed down by industrial disruptions at Woolworths' warehouses and an intense focus by customers searching for discounts.

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