Woolworths has reported sales from continuing operations of $58.5 billion for the year to June 30, representing growth of 4.8 per cent despite stagnant market conditions and negligible price inflation.
The company said its transformation program was behind the sales growth, which was adjusted for the 53rd week in 2013. Sales in the company's Australian Food and Liquor operations increased 4.7 per cent when adjusted for the 53rd week.
“The progress made in the 2013 financial year on our program of transformation for Woolworths Limited has been rewarded with a strong sales result. Momentum continues to increase in Australian Food and Liquor with comparable sales growth for the second half higher than the first half and the prior year. The result demonstrates the benefits that have been gained from a sharpened focus on our core businesses and results from the implementation of our strategic priorities,” said CEO Grant O’Brien.
“We have achieved solid full year sales growth, which is particularly pleasing when measured against challenging retail conditions and an economic environment underpinned by consumer uncertainty and low growth in disposable income. The fourth quarter result was pleasing given these challenging economic conditions were particularly evident as the quarter progressed.
“We now know more about what our customers want than ever before and we are doing more to meet their needs. This is why more customers are shopping with us and has contributed to our market share growth,” O'Brien said.
Woolworths reports full year sales growth despite challenging conditions in the market.
