date:Aug 13, 2014
Woolworths Ltd, Australias largest retailer, said its Masters hardware venture with Lowes Cos. wont make a profit until at least 2017 as annual losses at the groups home improvement business widened by 24 per cent.
The 49-store chain lost A$176 million in the year ended June and wont meet its target of 90 outlets by end-June 2016, Sydney-based Woolworths said in a regulatory statement today, adding Lowes will indefinitely defer an option to sell back its one-third stake. The Masters venture ini