Woolworths' NZ stores increase profit
Pre-tax earnings before one-off items rose to $309.8 million in the 52 weeks ended June 29 from $302.7m in the 53-week period in 2013, the Sydney-based company said in a statement.
Sales rose 1.6 percent to $5.74 billion from a comparable 52-week period.
"Countdown supermarkets delivered a pleasing result despite the subdued New Zealand grocery market conditions," Woolworths chief executive Grant O'Brien said.
"The transformation of this business is well under way with its focus on delivery enhanced value to customers, most notably via the 'price lockdown' campaign which has resonated strongly with customers."
Government figures this month showed retail spending at grocery stores and supermarkets rose 1.4 percent to $17.04b in the 12 months ended June 30 from a year earlier.
Woolworths said its small sales increase reflected subdued market and price deflation across several key categories.
"We have continued to improve our competitiveness in the market and have lowered prices on everyday product lines to deliver increased value to our customers," it said.
The New Zealand unit made a bigger contribution to the group due to the strong kiwi dollar, and lifted earnings 17 percent to A$271.4m.
Group earnings before interest, tax and significant items rose 3.3 percent to A$3.78b (NZ$4.22b), while net profit advanced 8.5 percent to A$2.45b. Sales rose 5.9 percent to A$60.8b.
source: 3news.co.nz
