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Article: Australia's Woolworths says half-year profit rises 28 percent
- Article from:
- AP Worldstream
- Article date:
- February 26, 2008
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Australia's biggest retailer, Woolworths Ltd., on Tuesday said its first-half net profit rose 28 percent. It also outlined plans to increase investment in its stores.
Woolworths reported a net profit of A$891.3 million (US$823 million; 555 million) for the six months to Dec. 31, up from A$695.6 million the year before.
The result came in above analysts' expectations, and the company's shares rose more than 4 percent higher to close at A$30.23.
Woolworths said it will increase capital spending by 40 percent this fiscal year to A$1.8 billion (US$1.66 billion; 1.1 billion), accelerating the refurbishment of its supermarkets and Big W discount chain.
The retailer is ...