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Australia's Woolworths swings to annual profit as it shores up grocery business
August 22, 2017 / 10:39 PM / 4 months ago

Australia's Woolworths swings to annual profit as it shores up grocery business

SYDNEY, Aug 23 (Reuters) - Woolworths Ltd, Australia’s biggest grocery chain by sales, said on Wednesday it swung to an annual net profit from its first ever loss the previous year, helped by cost-cutting at its core supermarket business.

Net profit was A$1.53 billion ($1.21 billion) for the year to June 25, recovering from a net loss of A$1.2 billion the previous year mostly caused by a one-off charge to exit a failed foray into hardware, the company said.

Woolworths declared a final dividend of 50 Australian cents per share, up from 33 Australian cents per share a year ago. ($1 = 1.2639 Australian dollars) (Reporting by Shashwat Pradhan; Editing by Byron Kaye and Chris Reese)

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