Michael Luscombe, the chief of Woolworths Ltd, Australia’s largest retailer, today (27 August) hailed the strength of the business after company’s “record” annual results.

Woolworths booked a 12.8% jump in net profit after tax to A$1.84bn (US$1.53bn) for the year to 28 June.

EBIT increased 13.4% to A$2.53, while turnover climbed 7.5% to A$49.6bn. Sales excluding fuel rose 8.5%.

Luscombe said: “Our entire team has achieved this record result in the most challenging year most of us can remember.”

Click here for Woolworths Limited’s full annual report and click here for CEO Michael Luscombe’s thoughts on the retailer’s progress in New Zealand.