Australia's Woolworths hikes worker wages to resolve strike action, shares gain
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 09 2024
0mins
Source: Reuters
Woolworths Resolves Strike: Woolworths has reached an agreement with union workers to increase wages by approximately 11% over three years, ending a strike that affected store services across Australia.
Financial Impact and Recovery: The company anticipates a one-off loss of A$50 million to A$60 million due to the strike, but shares rose nearly 2% following the resolution, as operations at distribution centers resume ahead of the Christmas trading period.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
