Woolworths released its annual report on Monday, and in it discussed the company’s good position for future growth, but with a warning the slowing economic climate may be a challenge, according to Just-Food.com.
“Woolworths’ constant goal is to increase sales revenue by growing each sector of the business, while reducing unit costs via scale and efficiency,” the company said in the report.
The retailer announced a 25.7 per cent rise in net profit in 2008 earlier this month, with a 10.7 per cent revenue increase bringing Woolworths to A$1.63bn this year.
Future acquisitions would be considered ‘confidently but carefully’, according to the company, in the face of the lukewarm global financial environment.
In the wake of the US Wall St bailout plan rejection yesterday, Woolworths shares lost 4.12 per cent, or A$1.17 per share. Westfarmers, owners of Woolworths’ chief rival Coles, rose slightly by A$0.07 per share.
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