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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Woolworths Group Limited    WOW   AU000000WOW2

WOOLWORTHS GROUP LIMITED

(WOW)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 02/27
40.22 AUD   -1.25%
02/25Australian fires, drought hit Woolworths sales, shares down
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02/25WOOLWORTHS : 1st Half Net Profit Falls Amid Worker-Pay Scandal
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02/21WOOLWORTHS GROUP LIMITED : half-yearly earnings release
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Australia's Woolworths hit with class action for underpaying staff

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12/01/2019 | 11:32pm EST

A law firm has filed a class action against Woolworths Group for underpaying thousands of supermarket workers, saying Australia's biggest grocery chain should pay more than double its estimate for the shortfall in wages.

Adero Law said it filed the class action on Friday for more than 7,000 current and former employees of Woolworths Supermarkets over the scandal, which has drawn criticism from opposition politicians and prompted an investigation by a government agency.

In October, Woolworths said it had underpaid thousands of supermarket workers for years and would need to repay as much as A$300 million, becoming the highest-profile company to be caught up in wage scandals across corporate Australia.

Adero Law said it "considers that the underpayments disclosed by Woolworths to date substantially understate the wages owed," and put the number much higher at A$620 million.

Woolworths intends to defend itself in the proceedings, and said it hopes to make interim payments to affected current and former staff before Christmas.

"Woolworths Group believes the class action proceedings are without merit," the company said in a statement.

Woolworths shares touched a record high of A$40.04 earlier in the session, and were up 0.1% at A$39.805 by 0407 GMT.

Other cases of staff underpayments in recent years have included retail conglomerate Wesfarmers, Super Retail Group, and jeweller Michael Hill International Ltd among others.

Last week, Woolworth's Chief Executive Officer Brad Banducci said he would forgo his bonus following the scandal, while Chairman Gordon Cairns would take a 20% cut to his board fee.

Government agency the Fair Work Ombudsman is investigating the underpayments by Woolworths.

($1 = 1.4736 Australian dollars)

(Reporting by Niyati Shetty and Nikhil Kurian Nainan in Bengaluru; Editing by Lincoln Feast.)

Stocks mentioned in the article
ChangeLast1st jan.
BERRY GLOBAL GROUP, INC. -6.13% 38.89 Delayed Quote.-18.11%
MICHAEL HILL INTERNATIONAL LIMITED 2.59% 0.595 End-of-day quote.-15.94%
ORIGIN ENERGY LIMITED -2.23% 7.03 End-of-day quote.-14.91%
SUPER RETAIL GROUP LIMITED -0.80% 8.66 End-of-day quote.-13.74%
WESFARMERS LIMITED -1.30% 41.86 End-of-day quote.2.44%
WOOLWORTHS GROUP LIMITED -1.25% 40.22 End-of-day quote.12.64%
WOOLWORTHS HOLDINGS LIMITED -4.45% 38.4 End-of-day quote.-3.52%
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Financials (AUD)
Sales 2020 62 067 M
EBIT 2020 3 173 M
Net income 2020 1 625 M
Debt 2020 1 940 M
Yield 2020 2,53%
P/E ratio 2020 31,5x
P/E ratio 2021 27,2x
EV / Sales2020 0,86x
EV / Sales2021 0,83x
Capitalization 51 263 M
Chart WOOLWORTHS GROUP LIMITED
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Technical analysis trends WOOLWORTHS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 38,68  AUD
Last Close Price 40,73  AUD
Spread / Highest target 14,2%
Spread / Average Target -5,04%
Spread / Lowest Target -32,5%
EPS Revisions
Managers
NameTitle
Bradford Banducci Chief Executive Officer, MD & Executive Director
Gordon McKellar Cairns Independent Chairman
David Marr Chief Operating Officer
Stephen Harrison Group Chief Financial Officer
John Hunt Chief Information Officer
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CP ALL PUBLIC COMPANY LIMITED--.--%19 466