Woolworths H1 profit lifts 14.5%

Woolworths (WOW) has lifted its full-year net profit guidance slightly after recording an increase in first-half profit of almost 15%.

In the six months to December 31, the retail giant posted a net profit of $1.322 billion, a 14.5% increase on the previous corresponding period's $1.155bn.

In the same period total revenue was $32.061 billion, a 3.8% increase on the previous corresponding period.

The group will pay a fully-franked interim dividend of 65 cents on April 24 to shareholders on the register at March 21.

Woolworths said while some of its businesses continue to experience challenging trading conditions, its has seen solid progress against its strategic priorities which have delivered sustainable profit growth for the half year.

As a result the retailer revised its full-year net profit after tax from continuing operations guidance to a range of 5-7%t (on a normalised 52 week basis excluding significant items).

Previously full-year net profit after tax from continuing operations guidance was set at a range of four per cent to seven per cent (on a normalised 52 week basis excluding significant items).

Last week, rival Wesfarmers lifted its interim profit by more than 10% to $1.43 billion, driven by strong earnings growth across its retail portfolio, particularly Coles and Bunnings.