As Australian food retailer Woolworths Ltd braces itself for the arrival of aggressive German discounter ALDI, its position looks strong. The company has just announced full year profits up by a record 15% to A$295.5m, sending shares to an all time high of A$7. Chief executive Roger Corbett said that forecast savings from the Project Refresh programme have increased beyond initial targets of A$100m to A$134m by 2003.Corbett also reiterated his group's intention of staying with a single brand strategy in the food sector. While its main rival, Coles Myer, has launched a format known as Bi Lo, Woolworths will stick with its eponymous grocery brand. In Victoria, it has also retained the Safeway name.