Source: www.ausfoodnews.com.au

Story by: Matthew Paish

Australia’s largest supermarket chain, Woolworths Limited, today reported an increase in Net Profits After Tax (NPAT) of 5.1% for the year ending 26 June 2011. Woolworths’ outgoing CEO Michael Luscombe anticipated trading over the next year to be “subdued”, due to falling consumer confidence.

Commenting on the company’s full-year results, published today, Woolworths CEO Michael Luscombe claimed the company’s profit increase to be a “sound result” given the “particularly challenging” retail environment in Australia over the past year.

Mr Luscombe said, “A net profit increase of 5.1% to A$2.124 billion is a sound result given prevailing macro-economic and market challenges. In Australia, consumer spending stalled, individual savings levels increased, household utility costs rose sharply and interest rates increased in the first half of the financial year.

To read the fully story, follow this link: http://www.ausfoodnews.com.au/2011/08/25/woolworths-predicts-%e2%80%9csubdued%e2%80%9d-trading-for-2012.html