Grocery retail giant Woolworths Ltd
(ASX:WOW) today reported a 12.8 per cent rise in net profit for the 2009 financial year, and forecast earnings growth of between 8 - 11 per cent for fiscal 2010.
Net profit for the year to June 28 was $1.84 billion up from $1.63 billion the year before, with revenue up 5.4 per cent to $49.85 billion.
The company says it expects overall group sales in fiscal 2010 to grow in the upper single digits, and expects earnings before interest and tax to grow faster than sales.
The retailer says its Australian food and liquor business continued to perform well with earnings before interest and tax up 17 per cent for the year.
CEO Michael Luscombe says the company is well positioned going forward and will continue to invest to develop both core and new business opportunities.
Woolworths declared a final dividend of 56 cents a share, up from 48 cents a share the year before.
Woolworths profits have been rising each year for the past four years.
