Supermarkets lift Woolworths profit


Woolworths has lifted its full year profit almost 25 per cent amid solid earnings growth from its core supermarkets division. Resource-4

The retail giant made a net profit of $2.26 billion for its 53-week 2012/13 financial year, up from $1.82 billion the previous, 52-week, year.

Net profit before significant items was up eight per cent to $2.35 million.

Total revenue was up more than four per cent to $59.56 billion.

Woolworths CEO Grant O’Brien said all of the company’s established operations recorded strong earnings growth during the year.

“This result shows Woolworths is delivering and will continue to deliver positive earnings growth into the future,” he told reporters.

Pre-tax earnings for the company’s core supermarkets division were up nearly nine per cent to $3.06 billion, while earnings from its petrol division rose eight per cent to $138 million.

It’s Big W business lifted its pre-tax earnings seven per cent to $191 million while Woolworths’ hotels division recorded a 35 per cent rise in earnings to $264 million.

But Woolworths’ home improvement business Masters recorded a loss of $139 million during the year.

The company is rolling out the brand to compete with Bunnings, which is owned by rival Wesfarmers.

Woolworths announced a fully franked final dividend of 71 cents per share for a total full year dividend of $1.33.


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