Woolworths Group has announced a net profit after tax of $1.51 billion, up 0.7 per cent from the prior year.
The supermarket giant said it fell short of its financial expectations due to challenging circumstances including product shortages caused by floods in NSW and Queensland.
?We expect the trading environment to remain volatile and challenging due to endemic COVID disruptions, ongoing supply chain challenges, higher costs across our business and cost-of-living pressures for our customers?, said CEO Brad Banducci.
Woolworths expects food inflation to persist into FY23, which could continue to throw up headwinds for the share price.
Shares of Australia's largest supermarket chain are down 4% today.