Australian grocery retailer Woolworths has reported a 9.1% increase in first-quarter sales and backed its forecast for double-digit full-year profit growth.
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The company, which is currently engaged in a takeover battle for pub group ALH, posted sales of A$7.8bn (US$5.7bn) for the 14 weeks to 3 October 2004, compared to $7.1bn a year earlier. Comparable sales for the company’s food and liquor division were up 2.8%.
“Given the continuance of the trading patterns of the first quarter, and the maintenance of the present business and economic climate, Woolworths expects sales from continuing operations for the full year to grow in the upper single digits, with net profit after tax increasing in the range of 10-15%,” Woolworths’ managing director, Roger Corbett, was quoted by the Australian Financial Review as saying.
