Woolworths beats Coles with 15 per cent jump in profit
Woolworths has reported a 14.7 per cent jump in net profit for the first half off the back of strong supermarket sales growth that again outstripped its arch rival Coles.
The company said on Friday that net profit after tax grew to $902 million for the 27 weeks to December 31, compared to $786 million for the same period last year.
Behind that growth was a 4.9 per cent increase in total food sales to $19.3 billion, with comparable sales growth – which strips out the impact of opening or closing stores – of 5 per cent in the second quarter.
That compares to second-quarter comparable growth of 1.3 per cent at Coles, meaning Woolworths has now outperformed its Wesfarmers-owned competitor for five quarters in a row. Sydney Morning Herald – Read more…