Australia’s largest retailer Woolworths has reported record full year profits, on the back of a 20.4% increase in full year sales to A$37.7 billion.
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Net profit rose 24.3% to $1,014.6m, which was at the top end of the company’s earnings guidance. The company said the result reflected a strong underlying operating performance and strong cost control.
Woolworths chief executive Roger Corbett said: “’It was a strong result in a highly competitive market against a backdrop of tighter discretionary spending with our newly acquired businesses.”
Corbett added that the retailer expects net profit to increase 16-21% in the current financial year to June, with overall group sales to grow 8-12%. He anticipates earnings before interest and tax (EBIT) to continue to grow faster than sales.
The company’s core supermarket division, including liquor and petrol, reported a 19% rise in earnings before interest and tax.
