Woolworths, Australia’s largest retailer, said today (16 July) that it expects annual profits to jump by up to 25% after it saw sales climb almost 11%.
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The company maintained its full-year profit guidance of growth of 21-25% after posting a 10.7% rise in turnover to A$47bn (US$45.9bn) for the 12 months to 29 June.
Adjusting for an extra week in this year’s fourth quarter, sales were up 8.7% during the year, Woolworths said.
CEO Michael Luscombe said: “2008 has been an extremely rewarding year with our business performing well overall. The significant re-investment in each of our businesses will continue to drive growth.”
Sales from Australian Food and Liquor, Woolworths’ largest division, rose 9.9% to A$30.5bn. Comparable-store sales were up 6.3% as lower prices attracted more consumers.
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By GlobalDataSales in New Zealand were up 5.4% to A$4.2bn.
Woolworths is set to publish its full-year profit numbers on 26 August.
The publication of the Australian government’s review into competition in the country’s grocery retail sector is due at the end of this month.
