Woolworths NZ boosts annual profit 29 percent on increased sales at fatter margins

Mon, 07 Jan 2013

By Paul McBeth Jan. 8 (BusinessDesk) - Woolworths New Zealand, which accounts for about 40 percent of the country's supermarket sales, boosted its annual profit 29 percent as it squeezed more out of increasing revenue. Net profit rose to $128.9 million in the 12 months ended June 24, from $99.8 million a year earlier, according to financial statements lodged with the Companies Office. Revenue grew 3.5 percent to $5.57 billion, a faster pace than the 2.4 percent increase in cost of sales to $4.28 billion. Woolworths' revenue gains came in...

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