One of the biggest pieces of investing news this Wednesday is the release of the latest earnings from ASX 200 blue-chip share Woolworths Group Ltd (ASX: WOW). Today, investors have found out exactly what the latest Woolworths numbers, and dividend, look like.

These earnings haven't been particularly well-received. At market open this morning, investors initially took the Woolworths share price almost 3% higher. But soon after, the market seemed to change its mind. As it currently stands, Woolies shares are now down a rather nasty 3.83% at $30.35 a share.

As we dove into this morning, it wasn't a pleasant report for investors to look over. For the six months ending 5 January, the supermarket operator reported a 3.7% rise in sales to $35.9 billion. However, earnings before interest and tax (EBIT) fell by 14.2% to $1.45 billion, while the company's net profits after tax crashed 20.6% to $739 million.

According to the company, the crippling strikes that plagued Woolworths in the leadup to Christmas caused much of this damage. Sticky inflation didn't help either.

But let's talk about the new Woolworths dividend.

Woolworths announces 17% dividend cut

In light of its earnings and profit drops, Woolworths revealed this morning that its next dividend would come in at 39 cents per share. It will come with full franking credits attached, as is the norm for this company.

This 39 cents per share interim dividend represents a 17% cut compared to the same payout last year, which came to 47 cents per share.

It's also well behind the 57 cents per share final dividend that shareholders enjoyed in September last year. Unlike that final dividend, there is no special dividend accompanying 2025's first shareholder payment.

In fact, this is the lowest interim dividend (and dividend, period) that Woolworths has paid out in three years.

Anyone who doesn't yet own Woolworths shares but wants to buy up before this latest dividend gets doled out has until the close of trading on 4 March to buy shares. When Woolworths shares trade ex-dividend on 5 March, new buyers won't receive the rights to this dividend from that day forward.

Shareholders have until 7 March to decide whether they want to participate in Woolworths' dividend reinvestment plan (DRP) if they wish to receive additional Woolworths shares in lieu of the traditional cash payment.

Dividend payday for eligible investors will then roll around on 23 April.

At current pricing, Woolworths shares are trading on a trailing dividend yield of 3.44%. Factoring in today's new dividend, the company would have a forward yield of 3.17% at current pricing.