Woolies sticks to outlook despite weak sales

Supermarket giant Woolworths says it still expects to lift net profit in the current year but admits the retail sector faces significant challenges.

The company, which is among Australia’s 10 biggest by market value, has forecast a two- to six-per cent increase in net profit.

However, that outlook carries the caveat of the current global financial uncertainties. The last year had witnessed ‘‘unprecedented macro economic circumstances’’ that had had an adverse affect on retailing, managing director Michael Luscombe said in Woolworths’ annual report today. The Sydney Morning Herald – Read more…