In the face of inflationary pressures, Woolworths’ chief executive Brad Banducci said shoppers were gradually shifting their spending from fresh produce to frozen and even canned goods, as they are looking for value after a year when local produce growers were hit hard by rising costs.
The supermarket chain delivered a 0.7 per cent increase in net profit from continuing operations of $1.5 billion on sales of $60.8 billion in its full-year results, but Banducci explained the business was having to take a margin hit on products such as beef in the face of rising food costs.
