Australia’s Woolworths posts flat annual profit

WOOLWORTHS Group, Australia’s largest supermarket chain, reported a flat annual profit on Wednesday, as weak performance in its New Zealand Food and Big W divisions offset sales growth in its Australian food and Australian B2B segments.

The company posted net profit after tax before significant items of A$1.71 billion (S$1.5 billion) for the year ended June, largely in line with A$1.72 billion in the prior year and a Visible Alpha consensus estimate of A$1.72 billion. REUTERS