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Woeful results for Wesfarmers and Woolworths

Reporting season for the 2016 financial year is in full swing and, as expected, the headline acts revealed substantial losses. Woolworths reported a net loss of $1.2 billion after writedowns on the failed Masters Home Improvement chain, restructuring costs on Big W and the supermarket business and trading losses. Wesfarmers booked a sickly profit of $407 million, down from $2.4 billion in the 2015 financial year after writedowns and restructuring costs on its coal operations and the struggling T