BusinessCompany NewsWoolworths’ profit hit by IFRS

Woolworths' profit hit by IFRS

Underlying profit down £7.2m, post tax earnings virtually disappear

High Street retail group Woolworths has revealed that its post-tax profits
last year would have virtually disappeared under international financial
reporting standards.

In its IFRS announcement today, the group said that adopting the new
standards would see profits before tax, exceptional costs and goodwill
amortisation fall £7.2m from £73.1m to £65.9m. However, profit after tax would
fall from £2.2m to £0.4m on turnover of £2.9bn.

On top of this, Woolworths’ net assets would shrink £95.8m at 29 January 2005
to £369m. The company added that there would be no impact on its reported cash
flows.

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