Australia's Woolworths' H1 net profit falls 33 percent, appoints new CEO

Woolworths Ltd said on Friday first half-year net income fell 33 percent and Australia's largest supermarket chain by market share also said it has appointed a new chief executive officer.

Woolworths said first-half profits after tax totalled A$925.8 million, down $1.3 billion it reported one year earlier.

But Woolworths said when including write downs, it would record a net loss of $972.7 million.

Woolworths said Brad Banducci has been appointed chief executive officer and managing director, effective immediately.

Banducci was previous managing director of Woolworths' food division.

"We undertook a rigorous international search process to find the best person to rebuild the Woolworths business and return it to sustainable growth. While there were several strong candidates, the Board was unanimous that Brad was the strongest of the field," said Gordon Cairns, chairman of Woolworths.

Banducci joined Woolworths in 2011 after the acquisition of Cellarmasters Group.

Sales for the half-year ended Jan. 4 fell 1.4 percent to A$32 billion, down on the A$32.4 billion in February 2015.

Woolworths has been battling a step-up in competition in its supermarket business by new entrants such as Aldi.

Analysts expect Woolworths full-year net income to total A$1.81 billion.

Woolworths said last month that it planned to sell or wind-up its stake in the hardware unit 'Masters' due to ongoing losses.