By Grant Shepherd
Woolworths Limited has released its final profit report for the 52 weeks ending 28 June 2009; the results show that the company is continuing its dominance across the retail market with a net profit after tax of over $1.83 billion and sales just under $50 billion.
According to the announcement issued to the ASX, Woolworths net profit after tax increased by 12.8 per cent to $1.835 billion and sales were up 7.5 per cent to $49.59 billion. Excluding petrol sales increased 8.5 per cent.
“Our entire team has achieved this record result in the most challenging year most of us can remember,” said Michael Luscombe, managing director and CEO of Woolworths.
“This demonstrates that Woolworths is built for sustainable results over the long term, and that our strategies are being delivered consistently across our divisions.
But Luscombe was not getting carried away with the result.
“Despite the strength of this result, we cannot afford to rest on our laurels, take our customers for granted, or to use short-term thinking,” he said.
“Our goal is to continue to grow our business and deliver opportunities to our employees and value to our customers and shareholders.”
Luscombe also emphasised how the company is well placed for the future.
“Our investment has improved stores, created jobs, added services, delivered value, created an even better experience for customers and enhanced shareholder value,” he said.
“We continue to refine and improve all our brands to meet customer expectations. The successful implementation of these strategies continues to pay strong dividends and builds a solid base to sustain profitable growth in the future. Our balance sheet, debt profile and the strength of our credit ratings ensure we continue to be well positioned in the current economic climate.”