By Andrew Starke

Woolworths has released it fourth quarter and full financial year results with its core Australian food and liquor business delivering modest growth.

Food and liquor sales for the year were $34.68 billion, an increase of $1.7 billion, or 5.1 percent, over the year before.

Total liquor sales for the year were $5.6 billion, up form $5.2 billion over the 2009 financial year.

Overall sales rose to $51.69 billion for the 52 weeks to June 27, 2010, from $49.6 billion a year earlier, an increase of 4.2 percent.

“Our business-wide strategy to deliver optimum value for our customers has resulted in solid sales at a time when consumers are doing it tough and tightening the purse strings," he said in the statement,” said Woolworths CEO, Michael Luscombe.

“In particular, our supermarkets division has responded well to customer demand for value and has further enhanced its position in the market.”

However the retailer’s Australian food and liquor operations slowed over the fourth quarter with same-store food and liquor sales for the quarter up by only 1.8 percent.

Hotel sales of $1.1 billion for the year represent a decrease of 0.7 per cent with comparable sales declining three percent.

A further six properties were added to the portfolio in the year taking the total number of venues to 284.

Woolworth’s shares were trading at $26.15 at 2pm today (Jul 21) compared to $27.10 seven days ago.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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