By Ian Neubauer
Woolworths has posted unparalleled growth for its Australian food, liquor and grocery division over the past quarter, with overall sales up 8.2 per cent.
The announcement piggybacked today’s posting of the group’s overall sales results for the 2007-08 fiscal year of $47 billion — 10 per cent of which corresponds to retail liquor sales.
Woolworths CEO, Michael Luscombe, said the figure represents a 10.7 per cent increase from continuing operations.
“2008 has been an extremely rewarding year with our business performing well overall,” he said. “The significant reinvestment in each of our businesses will continue to drive future growth.”
The group also posted $1.1 billion in sales for its hotel operations, representing comparable sales growth of 1.3 per cent for the period.
Woolworths added a further nine hotels to its portfolio over the period, taking total venues to 271.
“The newly acquired hotels have a higher proportion of gaming revenue, which has assisted the overall mix of revenue from the portfolio,” Luscombe said.
Woolworths’ shares opened at $23.46 today. By 2:00pm they had appreciated 5.5 per cent to $24.74.