Australian retailer Woolworths yesterday [Monday] reported an 18% rise in full-year net profits – but this was not enough to satisfy investors.
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Woolworths reported full year net earnings up 18% to A$563m (US$311.1m), compared with A$475.7m the previous year. After servicing income notes, net operating profit was up 22.2% to A$523.2m, below market forecasts of A$528m.
Jaded investors slashed A$1bn from the company’s market value yesterday in response to the poorer than expected results.
The company said it is driving on its expansion campaign, adding between 15 and 25 new supermarkets a year, as well as six to eight new Big W stores, and almost 100 extra petrol stations over the next three years. Managing director Roger Corbett ruled out overseas expansion in the short term.
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