AUSTRALIA: Woolworth releases fiscal report and reiterates push for growth

Woolworth Limited yesterday (25 September) released its annual fiscal report and reiterated its push for growth within the supermarket sector. The retail chain announced 1999-2000 post-tax profits of A$364.1m, although this figure is before exceptional items. CEO Roger Corbett commented that goods and service tax has not impacted negatively on sales which reached A$20.02bn and that Woolworth experienced a better-than-expected final quarter. He also claimed that the new fiscal year has started "satisfactorily […] Overall sales are up more than 8% for the first two months of 2000-2001, with Australian Independent Wholesalers sales down due to the exit from the unprofitable cigarette and export businesses."The group also stressed the cost savings of A$25m from its "Project Refresh," which are expected to reach an annual level of A$134m by the financial year of 2003.