AUSTRALIA: Woolworths gears up for arrival of ALDI

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.