Supermarket giant Woolworths has posted a mammoth $1.53 billion full year profit, a dramatic turnaround from last year’s $1.23 billion loss.
The 6.4 per cent rise in food sales for the final quarter is an encouraging sign for the company, which beat rival Coles for the third quarter in a row.
Big W did not fare so well, suffering before-tax earnings losses of $150 million with sales dropping 5.8 per cent.
Supermarket giant Woolworths (pictured, stock image) has posted a mammoth $1.53billion full year profit, a dramatic turnaround from last year’s $1.23billion loss
The 6.4 per cent rise in food sales for the final quarter is an encouraging sign for the company, which beat rival Coles (pictured, stock image) for the third quarter in a row
Woolworths chief executive Brad Banducci described Big W’s results as ‘extremely disappointing’ but is pleased with the progress made in the 2017 financial year.
‘FY17 was a year of rebuilding the foundations of our business and we are pleased with our progress over the last 12 months, particularly in the second half,’ he said.
‘Encouragingly, we still see many opportunities to improve our business going forward and are focused on our five key priorities.’
Woolworths’ chief competitor Coles released its own figures on Thursday, reporting a 13.5 per cent decline in full-year profits.
Woolworths (pictured, stock image) chief executive Brad Banducci described Big W’s results as ‘extremely disappointing’ but is pleased with the progress made in the 2017 financial year
Coles saw comparable food and liquor sales rise by 1.6 per cent but boasted double digit sales growth in Coles Online.
Wesfarmers chief executive Richard Goyder said in a statement Coles was pursuing a customer-led strategy aiming for long term growth.
‘In a very competitive environment, Coles invested in value, service, and better quality and availability in Fresh, to deliver continued growth in sales, he said.
Daily Mail Australia contacted Woolworths and Coles for comment.