AUS: Woolworths eyes growth

By just-food.com | 30 September 2008

Australia's largest supermarket Woolworths has said that it is well-placed for future growth but warned of challenges arising from the turbulent economic climate.

"Woolworths' constant goal is to increase sales revenue by growing each sector of the business, while reducing unit costs via scale and efficiency," the company said in its annual report released yesterday (29 September).

Earlier this month, Woolworths said net profit rose 25.7% in 2008 to A$1.63bn (US$1.31bn) on the back of a 10.7% increase in revenues.

However, the global economic downturn and changes in consumer spending patterns would create major challenges, the retailer cautioned.

The group added that any future acquisitions would be considered "confidently but carefully".

Sectors: Retail