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Woolworths sees strong result ahead
SYDNEY, Australia (CNN) -- Australia's biggest supermarket operator, Woolworths, has lifted first-half sales by almost 11 percent to A$14.14 billion ($8.34 billion). The company said Tuesday it also expected growth in profits this year to outstrip sales growth. Woolworths CEO Roger Corbett said the group expected full year sales to grow by between 10.5 and 11.5 percent. That is a slight rise from the company's previous guidance of 10.5 to 11.0 percent. The supermarket division accounted for A$12.05 billion, or 85 percent of total sales. Consumer electronics and BigW general merchandise sales accounted for most of the rest. Woolworths stock is moving against the market's general downtrend and sits up 0.17 percent at A$11.62 in early afternoon trade. Coles downIts bigger rival Coles Myer, which has a more extensive general retailing operation, is down 0.78 percent at A$6.32. The broader market, measured by the S&P/ASX200, is down 2.13 percent, reflecting investor nervousness about a possible U.S.-led war on Iraq. (War jitters knock stocks) Grocery chains such as Woolworths are regarded as relatively insulated from any war-induced downturn in consumer spending. Corbett said Christmas trading was up in all divisions, compared to the previous year. "With a satisfactory Christmas trading period under our belt and continuing progress in reducing costs, we anticipate earnings growth for the half year and full year will exceed sales growth," Corbett said in a statement to the Australian Stock Exchange. He also predicted improved profit margins. Woolworths will release detailed half-year results on February 24.
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