Australian retail giant Woolworths has reported a 13.3% rise in second-half net profit, narrowly beating its own forecasts.
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The company’s net profit came in at A$278.6m (US$179.3m) for the six months to 30 June, compared with $246m for the year-ago period. Woolworths had forecast net profit of $267m to $278m, while analysts had forecast and average of $280m net profit, reported Reuters.
Full-year net profit rose 15.6% to $650.6m, beating the company’s forecast of up to $650m. Analysts were expecting, on average, $652m.
Woolworths also forecast fiscal 2004 earnings growth of between 10% and 15%, despite the increasing competition from rival Coles Myer.
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