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Australia's largest supermarket chain, Woolworths, has cemented its dominant position in the nation's retail market, posting a full-year profit of A$1.29 billion.
That is up more than 27 per cent on the previous year.
The company has continued to take market share from troubled rival Coles and is predicting sales growth of up to 10 per cent in 2008.
Woolworths Ltd's chief executive Michael Luscombe says the retailer will look to boost its growth through acquisition in this financial year.
Mr Luscombe said the retailer expected to grow organically through fiscal 2008.
"Of course, as well as that we maintain a constant vigilance on opportunities for acquisitions," Mr Luscombe said today.
"We have been very successful in acquiring businesses both strategic and bolt-on and we continue to look for those opportunities in our business."
Woolworths - which owns supermarkets in New Zealand and is fighting a Commerce Commission ban on making a bid for the Warehouse - said it was well-positioned for future growth.
- AAP
