Profit at the country's largest food retailer fell to Aus$2.15 billion (US$1.54 billion) in the year to June 28 on the back of poor sales of food, liquor and petrol amid fierce competition from rival Coles and German retailer Aldi.
One-off costs and write-downs of Aus$426 million also hit the bottom line, along with more than Aus$200 million spent on improving its supermarkets during the year.
Revenue edged down 0.1 percent to Aus$61.15 billion.
In June, Woolworths announced chief executive Grant O'Brien was leaving and 1,200 jobs faced the axe as the company sought to turn itself around, with chairman Ralph Waters following him out the door.
"If the company disappoints the market in any way, there are two people who carry the responsibility: the CEO and the chairman," Waters said. "I've put my hand up."
He will be replaced from 1 September by Gordon Cairns, the former chief of food and drinks giant Lion Nathan.
"The most immediate issue is to identify new leadership to take the business forward," Cairns said of the global search to find O'Brien's successor.
"Ralph Waters' decision to retire has facilitated board renewal and allows me to participate in the CEO search process."
The company, which is unrelated to South African department store Woolworths Holdings, maintained a final dividend of 72 cents per share. Its shares closed 1.29 percent higher at Aus$27.40.
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