The supermarket group says food price inflation is easing but sales at its discount Big W chain softened dramatically in the fourth quarter.
Woolworths is the largest supermarket chain in Australia providing insights to the cost of living crunchIt will pay a final dividend of 58¢ per share, payable on September 27. This is 9.4 per cent higher than a year agohas posted a 5.7 per cent rise in sales to $64.29 billion, thanks to its Australian food business where revenue climbed 5 per cent and earnings soared.
Reported net profit after tax fell 79.6 per cent to $1.618 billion – in line with expectations. Adjusted NPAT rose 4.6 per cent to $1.618 billion, with consensus sitting at $1.724 billion. Chief executive Brad Banducci said this year he expects food inflation in Australia and New Zealand to continue to moderate but will likely remain elevated in some packaged categories.
Sales at discount chain Big W jumped 6.5 per cent to $4.758 billion in the year. This was lower than what MST Marquee was estimating for sales of $4.867 billion. EBIT more than doubled to $145 million.
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