AUSTRALIA: Foodland posts 17% rise in full-year earnings
Australian retailer Foodland Associated has reported a 17% rise in its full-year net profit to A$120.1m (US$79.9m). The result was slightly lower than market expectations of around $123m, as the company's New Zealand department store chain Farmers gave a disappointing performance. Foodland's New Zealand supermarket chain Progressive reported earnings of $136.6m, compared to $65.7m a year earlier, helped by the integration of Woolworths New Zealand assets, which Foodland acquired last year.
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