February 25, 2020 / 9:41 PM / 6 months ago

Australia's Woolworths posts 1.7% drop in half-year profit

Feb 26 (Reuters) - Woolworths Group said on Wednesday its first-half profit dropped 1.7%, as stiff competition and deep discounting during the holiday season hurt its performance.

Australia’s largest supermarket operator said profit attributable from continuing operations came in at A$887 million ($585.51 million), down from the A$902 million it earned a year earlier.

The company declared an interim dividend of 46 Australian cents per share, up from 45 cents a year earlier. ($1 = 1.5149 Australian dollars) (Reporting by Rashmi Ashok and Shriya Ramakrishnan in Bengaluru; Editing by Shailesh Kuber)

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