Woolies boss Brad Banducci says there’s solid growth in the company’s food business, but like at rival Coles, shoplifting is a rising concern.
Supermarket giant Woolworths has increased its full-year profit to $1.6 billion and hiked its dividend, but a challenging outlook for its discount department store Big W highlights consumers’ caution in the cost-of-living crunch.
Woolworths investors will receive a final dividend of 58 cents per share, fully franked and payable on September 27, an increase of 9.4 per cent on last year.Chief executive Brad Banducci echoed Coles boss Leah Weckert in confirming that the inflation on food prices has started to moderate, with meat, fruit and vegetable prices dropping, though prices for packaged goods remain elevated.
Food sales at Woolworths’ Australian supermarkets jumped by 5 per cent to $48 billion for the year, while sales rose 8 per cent to $4.8 billion at discount department store Big W.But recent trading at Big W shows a slowdown; the company said trading conditions have changed “dramatically” since the December half.
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