Grocery and liquor retailer Woolworths Ltd
(ASX:WOW) CEO Michael Luscombe has told an audience in Perth that the company is trading well despite the lack of government stimulus and it anticipates good Christmas trade.
According to a report in The Australian Mr Luscombe says achieving sales growth year-on-year is the critical indicator of performance and the company is currently cycling over the effects of last year’s stimulus payout.
Woolworths expects to see sales growth of around 5% to 9% this fiscal year, with earnings expected to rise by 8% to 11%.
The newspaper reports Mr Luscombe saying that the Australian economy has not been impacted nearly as badly as other economies by the Global Financial Crisis because of the Federal Government’s quick and decisive action in response to the crisis.
Woolworths net profit after tax came to $1.8 billion in fiscal 2009.
