By creating the position of Deputy chairman, which Simon filled, we were able to better prepare Simon to take the Chairmanship when I step down in November this year, having, by then, served nine years as Woolwortus. Charles Deyo to TWE TREASURY WINE ESTATES LIMITED. We were included once again in the JSE SRI Index and were named one of the best performers in the index. Would you like to learn how to really trade profitably in the stock market no matter what the economic condition is?

Releasing a statement to the Australian Securities Exchange, Woolworths said the higher losses were due to overly optimistic sales budgets, relatively higher wage costs for new store openings and lower margins due to the sales mix. Woolworths also announced revised earnings guidance, saying it now expected net profit after tax from continuing operations, excluding non-recurring items, to grow in the range of 5 per cent to 6 per cent, against previous guidance of growth of 4 per cent to 6 per cent.

Woolworths is still forecasting that Masters will break even during financialassuming more moderate growth in sales per store and improvements in gross margins. But she said its joint venture partner in the US, hardware giant Lowe's, was helpful as it developed the Masters chain and rolled it out but Woolworths faced challenges unique to the Australian market. The company said Danks earnings were lower than forecast due to similar problems experiences at its Masters chain, higher levels of competition and subdued trading in the building sector.

Analysts had been questioning lately the true cost of the Masters roll out and the losses it was accumulating for two-thirds owner Woolworths. In its hardware update this morning, Woolworths said there were currently active sites day trading account 2013 woolworths its books for Masters and at day trading account 2013 woolworths end of31 stores were open. But due to the timing of approvals and construction the number of store openings in the first quarter of would be lower than the recent run rate.

Woolworths also moved this morning to quash any suggestion its one-third partner in Masters, US hardware giant Lowes, was seeking to dump its stake in the Australian business and walk away from the partnership. Woolworths said Lowe's had decided to extend the first exercise date of their put option which would force Woolworths to buy them out for another 12 months to October As part of the Masters hardware update, Woolworths also said this morning it had agreed to release private equity firm Anchorage Capital Partners from its obligation to deliver Woolworths any upside resulting from the future sale of electronics group Dick Smith.

Woolworths sold Dick Smith to Anchorage last year and had agreed to some upside in the future if the business was later sold. The Sydney Morning Herald. News site of the year. Become a SMH member today! Join today and you can easily save your favourite articles, join in the conversation and comment, plus select which news your want direct to your inbox. What's On in Sydney. Michael Pascoe: Competition quashed at consumers' expense.

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Stay Connected. Enter your email address to receive special offers and promotions. Iceland Foods Ltd (trading as Iceland) is a British supermarket chain, with emphasis on the sale of frozen foods, including prepared meals and vegetables. Addressing analysts in the wake of Woolworths being forced to blow out its projected losses for Masters in its first five years, CEO Melinda Smith said the company.