Jan 17, 2018 Last Updated 10:19 AM, Jan 16, 2018

New Entry From the Editor :

Renewable energy bonanza to arrive in Australia – Climate Council

Renewable energy bonanza to ar…

AusBN - The Climate Council has tipped Australia to become the recipient of...

Inland Rail design contracts handed to Mott MacDonald and WSP

Inland Rail design contracts h…

AusBN - A joint venture of international project development consultants Mo...

Australian surfwear brand Billabong bought by US competitor Boardriders

Australian surfwear brand Bill…

AusBN - The board of Australian surfwear retailer Billabong has agreed to b...

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

v3i2 cover web

Subscribe

rgn web banner

abn web banner