What it matters: Woolworths is the largest supermarket chain in Australia providing insights to the cost of living crunch.
It posted a 5.7 per cent climb in group sales to $64.29 billion in the 2023 fiscal year.
It will pay a final dividend of 58¢ per share, payable on September 27. This is 9.4 per cent higher than a year ago.
Woolworths boss Brad Banducci expects food price inflation to slow further this year at the nation’s largest supermarket chain, but price sensitive consumers are still pulling back spending at its discount retailer Big W, shunning bigger-ticket items such as small appliances.
Sales in the first eight weeks of the new financial year were similar to the fourth quarter of 2023, with solid growth in grocery, but revenue at Big W tumbled 6 per cent in the more challenging discretionary space.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
