Woolworths Ltd
(ASX:WOW) has reported first half profit, its lowest in 12 years. Half year net profit ending January 2, 2011 rose 6 per cent to $1.162 billion.
The result was in line with the retailer’s guidance and market expectations.
Woolworths also announced the acquisition of online liquor retailer Cellarmasters for $340 million.
Earnings from BIG W and the consumer electronics division pulled on profits, reflecting poor consumer demand.
The retailer downgraded its full-year profit guidance last month and now expects net profit to rise by 5 to 8 per cent this year, rather than 8 to 11 per cent.
For the year ended 27 June 2010, Woolworths reported a net profit of $2.03 billion.
