Dec 15, 2017 Last Updated 4:28 PM, Dec 12, 2017

New Entry From the Editor :

Australian shopping empire Westfield sold to French property firm for $33 billion

Australian shopping empire Wes…

AusBN - Australian shopping mall juggernaut Westfield has been purchased by...

ASX introduces blockchain technology into trade settlement system

ASX introduces blockchain tech…

AusBN - Australian Securities Exchange (ASX) has become the first major glo...

Australia’s annual economic growth rate rises to 2.8%

Australia’s annual economic gr…

AusBN - Australia’s annual economic growth rate has risen to 2.8% aft...

Woolworths announce strong HY profit margin

credit card machineAusBNeditAusBN - Woolworths has announced it made a half year net profit of AUS$725.3 million, a huge improvement on the $793 million loss made in the same period of the previous year.

The supermarket chain has recovered from the financial damage caused by an impairment from the closure of the Masters hardware business, by surging back in the black in its latest half year results.

The food retailer’s sale growth also surpassed that of its main competitor Coles for the first time in nearly eight years, in a further sign of the company’s growth.

Comparable food sales grew by 3.1% during the three months to 1 January, compared to a 0.9% growth level at Coles over the same period.

Chief executive Brad Banducci said: “We’ve made good progress on our five key group priorities during the half. Particularly pleasing was the improvement in sales momentum in Australian Food, especially in the second quarter.

“This momentum gives us confidence that, while we still have a lot to do, we are on the right track.”

Banducci was appointed to the role last year, and immediately arranged a $1 billion investment in lower food prices, which has contributed to Woolworth’s recent sales growth.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner