Finance Finance News Home improvement woes for Woolies

Home improvement woes for Woolies

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Woolworths’ home improvement business has hit troubled waters, with the retailer warning of a blowout in losses.

Woolworths says losses from the business, which includes the Masters hardware chain, in fiscal 2014 will exceed those of the previous year.

The business will also miss its target of breaking even in 2016.

However, Woolworths says it remains committed to expanding the business by opening new stores, particularly in metropolitan areas.