Woolworths Projects Good Profit & Revenue for Latest Fiscal Year
Woolworths’ profits for the 2012-2013 financial year has increased to 8% or $2.35 billion, according to Grant O’Brien, the head of the company. Mr. O’Brien also expressed hope that things will “return to certainty” when the federal election is done, believing that consumers will have the confidence to shop again.
Gaining a 4% increase in revenue, or about $59.56 billion overall, Woolworths, which owns a chain of supermarkets, hardware stores and wine shops, is setting its sights on more growth, particularly with the management becoming more focused since the company has let go of its struggling electronic business.
According to its chief, “Today’s exciting because its a step towards attaining that but I haven’t set a time frame on it, we have got our plans aimed at achieving that 10 per cent profit growth] and its testament to the fact we believe this business can and will continue to grow under the strategies we are implementing at the moment.”
“One of the highlights of today’s results is that I can point to a very focused business that doesn’t have the distraction that we had of a consumer electronics business.”
Mr. O’ Brien says that the growth outlook for Woolworths is “no walk in the park”, as the company had to work hard and deliver the initiatives.
Mr. O’ Brien was appointed head of Woolworths in 2011 to help the company rebound after a dip in consumer spending. The company not only increased profits, it also made itself more competitive against Coles, another chain shopping store that underwent transformation and resurgence.