SYDNEY - Woolworths has reported a 12.8 per cent rise in annual profit and forecast earnings growth of up to 11 per cent this year.
Net profit for the year ended June 28 was A$1.84 billion ($2.24 billion), up from A$1.63 billion in the previous fiscal year. Revenue rose 5.4 per cent to A$49.85 billion.
Earnings before interest and tax (ebit) rose 11.3 per cent to A$2.82 billion.
Woolworths declared a final dividend of 56c, up from 48c in the previous corresponding period, taking the total for the fiscal 2008 year to A$1.04, up from 92c.
New Zealand supermarkets saw a 7.4 per cent drop in ebit to $153.9 million, the company reported.
But it added its New Zealand operations continued to improve.
Chief executive Michael Luscombe said the group had managed to achieve a record result in the most challenging year the company could remember.
While the federal government's stimulus spending helped the economy in fiscal 2009, similar spending would not be replicated this year, he said.
"Discretionary spending will continue to be influenced by macro-economic factors, such as interest rates, petrol prices and confidence around employment," the company said.
Woolworths forecast net profit for fiscal 2010 to grow in a range of 8 per cent to 11 per cent.
- AAP
Woolworths earnings rise despite drop in NZ stores
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