Woolworths, Australia’s largest grocery retailer, today [Monday] forecast continued low double-digit growth in earnings.
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“Looking forward we believe we can continue to sustain high single-digit sales growth and low double digit earnings growth for the foreseeable future,” chief executive Roger Corbett said at a briefing. The group outstripped forecasts to post a 24% rise in interim net profits to A$295.5m (US$153.7m).
One of the sector’s most aggressive players, Woolworths has been the subject of speculation concerning a possible overseas move. However, Corbett denied the group currently has plans to expand abroad. It recently decided against moving into New Zealand after undertaking a cost analysis study.
Corbett added that Woolworth’s market share in food, liquor and groceries had climbed by 1.9% to 27.5% during the latest reporting period.
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