Supermarket giant Woolworths has posted a full-year profit of $1.5 billion, a big change from last year’s $1.2 billion loss.
The company said in a statement revenue was also up 3.7 per cent to $55.9 billion. In addition, sales of Australian food gained momentum, with fourth quarter Easter adjusted comparable sales growth of 6.4 per cent.
“FY17 was a year of rebuilding the foundations of our business and we are pleased with our progress over the last 12 months, particularly in the second half. Encouragingly, we still see many opportunities to improve our business going forward and are focused on our five key priorities,” said Brad Banducci, Woolworths Group CEO.
“Our first priority is to build a customer and store-led culture and team. The key highlight in FY17 was the meaningful improvement in customer and team scores across the Woolworths Group. Over 116,000 employees provided feedback in our recent VOT survey with our sustainable engagement scores improving by five points over the last year to 82 per cent.The improvement in safety was another highlight with a 20 per cent improvement across Woolworths Group.”