Australia's Woolworths posts record profit

0 Comments | AFP, August, 2007

SYDNEY (AFP) — Australia's largest retailer, Woolworths, said Monday its annual net profit jumped 27.5 percent to a record 1.294 billion dollars (1.026 billion US).

The year-to-June result was largely in line with the market's consensus forecast for profit of about 1.3 billion dollars, as Woolworths gained market share from rival Coles and benefited from a strong economy.

The retailer said it expects net profit for the current fiscal year to be 19-23 percent higher than the previous year with growth in earnings before interest and tax (EBIT) continuing to outpace sales.

However it cautioned that while it is well positioned for future growth, discretionary spending continues to be influenced by factors such as fluctuating petrol prices, interest rate...