Woolworth’s stock fell almost 20% on Monday, after the retail giant posted a $2.1 billion loss on the stock market last month.
The company reported $6.9 billion in net profit for the quarter ended March 31.
Woolworth said it had reduced its net profit by $3.2 billion from the previous year to $8.9.
“We expect to see further consolidation and consolidation of the business, including the acquisition of another business,” Woolworth chairman John Chisnall said in a statement.
“The current market environment will require us to further consolidate and to focus on delivering a strong performance.”
Woolworth also announced it would lay off an unspecified number of its workforce, bringing the total to over 100,000 employees.
“I have no doubt the future will look very bright for our Australian business and its employees,” Woolies chief executive Richard Wright said in the statement.
Woolies shares fell almost 2.7% in after-hours trading.
Woolier stock was last down 0.7%.
“The market is seeing a very strong run-up in the economy and it’s certainly a very positive sign for the Australian economy,” Andrew Toth, senior economist at ASX-listed firm ANZ Securities, told ABC News.
“But I think it will be more than that, it will have to be a very solid performance for Woolworth to sustain any gains in the market.”
Woolies loss comes after the retailer announced that it would close all of its stores and start selling online.
Wooliest store will close in early March Woolworth has also announced plans to close all its stores by the end of March, and also said it would shut its online operations by the start of April.
The retail giant’s profit was $2,865 million, down $1.6 billion on the previous quarter.
Woolie had previously announced that sales at its retail stores in Australia would fall 5.2% in the quarter, and Woolworth will also be reducing the number of stores it sells online by 10% to around 1,300 from around 2,500.