Markets: Woolworths wows with promise of growth

The retailer warns against banking on a new government to fix living cost and job market headwinds but still forecasts a jump in profit in the year ahead as it presses on with expansion.

Woolworths’ chief executive Grant O’Brien initially must have wondered this morning just exactly what he needed to do to impress the market. After reporting an 8 per cent increase in net profit from continuing operations to $2.35 billion the stock initially fell, shunning rises in earnings across Australian food, liquor and petrol, New Zealand supermarkets, Big W and hotels, before interest and tax.

At 1206 AEST Woolworths shares had recovered their lost ground and were up 35 cents, or 1 per cent, to $34.26. The stock has gained 8.5 per cent since mid June.

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