Early Edition with Kate Hawkesby

Where shoppers are seeing food prices rise, Woolworths New Zealand is seeing profits fall, but is still walking away with $76 million in its pockets.   The latest annual figures show a 52% drop from last year, the source of which one business consultant says is ‘very opaque.’   Ernie Newman told Tim Dower that he believes the recent $400 million rebranding and transfer pricing has something to do with it.   Transfer pricing is when multi-nationals adjust their books and take their profits in whatever country they want to, usually to a country with the lowest tax rate.  He says there's no sign of any benefit in this for consumers.  LISTEN ABOVE See omnystudio.com/listener for privacy information.