Woolworths has posted a massive $1.2 billion full year loss as food and petrol sales slumped in the competitive supermarket sector.
The supermarket giant's loss is in stark contrast to the $2.146 billion profit of 2015 and comes as Woolworths restructures its business and exits the hardware industry.
The loss comes a day after the company confirmed it would close all 82 Masters home improvement stores across the country before Christmas.
Underlying earnings for Woolworths' food and petrol sales declined 40.8 per cent to $1.76 billion and full year revenue fell 0.8 per cent to $60.65 billion.
Earnings before interest and tax for Big W also fell to $14.9 million - a loss of 113 per cent from the previous year.
The supermarket retailer also announced on Thursday more than 500 support office and supply chain jobs will be permanently removed.
'FY16 was a year of unprecedented change for Woolworths. The decisions we have taken and investments we have made have had a material impact on our FY16 results but have been necessary to begin the rebuilding of Woolworths,' Woolworths Group CEO Brad Banducci said.
The supermarket giant's loss is in stark contrast to the $2.146 billion profit of 2015 and comes as Woolworths restructures its business and exits the hardware industry.
'We are seeing early signs of progress as we work to restore our competiveness and improve our culture in Australian Food.
'We have also addressed significant issues facing the Group with the decision to exit Home Improvement and decisive action taken on Big W to reposition the business.'
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