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Endeavour Group Reports Profit Drop Amid Turnaround Strategy Writedowns
Endeavour Group, the owner of Dan Murphy’s and BWS liquor stores, has reported a significant decline in full-year profit due to hefty writedowns tied to its turnaround strategy. The preliminary unaudited net profit for the 12 months to June 28 fell to $363 million from $426 million the previous year. Sales rose only 1.3% to $12.2 billion, with the pricing war and investment in lower prices affecting growth. Liquor store revenue grew less than 1%, while hotels saw a 4.2% increase. The profit drop was heavily influenced by non-cash items totaling $372 million, including asset impairments and restructuring costs. The biggest hit came from a $194 million charge for portfolio rationalisation and asset impairments, as part of a three-year cost-reduction plan targeting $300 million in savings. The company plans to sell most of its vineyard portfolio, including high-profile assets like Chapel Hill and Oakridge, to streamline operations and focus on core businesses.
