New chief executive Steve Johnson is undertaking a strategic review of the business.
"I took this job because I am convinced that there is space on the high street for a successful home-based variety store offering great value and convenience," says Johnson. "My first weeks in the job have only reinforced that view and shown me that Woolworths has a core of strong, profitable stores, a great retail brand and many very committed people who want to succeed."
"It is too early for me to have a fully developed strategy," he continues. "That plan is in progress but still some way from completion and we will update investors as soon as possible. Right now, this business does not require lots of new strategic initiatives,
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