August 28, 2019 / 10:36 PM / 4 months ago

Woolworths posts 7.5% lower annual profit

Aug 29 (Reuters) - Woolworths Ltd, Australia’s largest supermarket operator, reported a 7.5% fall in annual profit on Thursday, as it continued to face pressure from weak consumer spending and price competition.

The company’s underlying net profit, which excludes one-off items, fell to A$1.49 billion ($1.01 billion) in the year ended June 30, from A$1.61 billion a year earlier.

Analysts on average had expected a profit of A$1.74 billion, according to IBES data from Refinitiv.

Woolworths declared a final dividend of 57 Australian cents per share, compared with 50 Australian cents last year.

$1 = A$1.48 Reporting by Aby Jose Koilparambil and Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel

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