Stay-at-home consumers help push up Woolworths (ASX:WOW) profits

Company News

by Rachael Jones

Stay-at-home consumers have helped push Woolworth’s (ASX:WOW) profit’s up 15.9 per cent to $1.14 billion for the half year.

Consumers spent more on food and groceries, liquor, homewares and toys, offsetting $277 million in COVID-19-related costs.

Despite this the group still plans to separate Australia’s largest integrated drinks and hospitality business Endeavour Group in June this year.

BIG W’s profit improvement was a particular highlight with EBIT of $133 million, up 166 per cent on the prior year.

Shares in Woolworths (ASX:WOW) are trading 0.7 per cent higher at $39.36.