AusBN - 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.