Australia’s Woolworths to record near $1 billion impairment for 2024

The impairment will result in a write-down against the company's current goodwill balance of NZ$2.3 billion, Woolies said. "It is prudent to review the carrying value of the goodwill on the balance sheet that was booked as part of Woolworths Group’s original acquisition of Foodland’s New Zealand business in 2005," the firm said in a statement. The New-Zealand business has been seeing effects of weaker medium-term market outlook and organisational transformation initiatives yet to reach full potential, Woolies said.