Leading Australian retail chain Woolworths has bucked the downward trend by announcing it would creating 7,000 new jobs in Australia, along with a substantial profit rise.
First half new profit rose 10 per cent to A$983m, on the back of 9 per cent sales growth in the last quarter to A$26bn. Woolworths has predicted a 14 per cent profit growth by the end of the financial year.
The group’s New Zealand supermarkets have been hit hard by the recession, but the retailer’s Australian stores have done well.
Woolworths says it plans to open another 15-25 supermarkets each year, reported the ABC, and CEO Michael Luscombe said the business is in a strong position.
“Woolworths has invested almost A$1bn of capital in this half year to add new stores, improve existing stores, add services, deliver value and create an even better shopping experience for our customers,” he said.
“Our balance sheet, debt profile and the strength of our credit ratings ensure we are very well positioned in the current environment.”
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