AUSTRALIA: Foodland’s profits exceed expectations
Western-Australian Foodland Associated has reported a 2001-02 net profit of A$102.4m (US$56.5m), an increase from A$59.2m last year that exceeded expectations. The increase in profit is in part due to the acquisition of 40 east coast Franklins stores and Woolworths New Zealand, which was acquired in June for NZ$690m (US$327m). The acquisitions have increased the number of Foodland's stores from 95 to 224.
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