Woolworths New Zealand's revelation of a 52% drop in profits is being labelled a 'PR fudge'.
The multi-national supermarket giant reported a $76 million profit for this year.
Monopoly Watch financial analyst Tex Edwards told Mike Hosking that this just means gross profits are up $76 million.
He says, essentially, there's an increase, not in operational costs, but in transfer of costs to Australia.
Edwards says Woolworths' profit margins are still approximately three times more than those of other supermarket companies internationally.
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