Woolworths Limited’s (ASX:WOW) first half result has beaten expectations, despite its net profit falling 17 per cent to $967 million.
The supermarket giant’s net profit was weighed down by a $300 million restructure provision for its Dick Smith electronics division.
Profit from continuing operations gained 3.2 per cent to $1.184 billion in the 27 weeks to January 1, 2012.
In the same period revenue rose 5 per cent to $29.9 billion.
Woolworths says it expects trading will continue to remain subdued this year but has confirmed it expects to deliver between 2-6 per cent annual profit growth.
A fully franked interim dividend of 59 cents per share has been declared.
