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.”

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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.

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