Shares in Woolworths Ltd, Australia’s largest retailer, rose today (17 April) after the company booked a 6.5% increase in third-quarter sales.
Woolworths shares finished the day’s trading in Australia up 1.2% at A$25.88 after booking revenues of A$12.33bn (US$8.88bn) for the three months to 5 April.
Excluding fuel, Woolworths’ sales climbed 9%, buoyed by strong sales growth from its stores in Australia.
The retailer saw its revenues from its Australia food and liquor division climb 10.8% to A$8.39bn. Comparable-store sales from the division increased by 8.8%.
Woolworths saw sales rise slower in New Zealand, rising 4% to NZ$1.27bn. When measured in Australian dollars, Woolworths sales in New Zealand fell 4.7%. Comparable-store sales increased 3.2%.
CEO Michael Luscombe said: “Woolworths continues to reinvest in all its businesses to improve our stores, create jobs, add services, deliver value, and create an even better experience for our customers.
“This result reflects the continued positive response from our customers to these reinvestment strategies.”
