Australian retailer Woolworths last week announced it was looking for acquisitions in Australia and offshore after posting a 26 per cent jump in annual profit and forecasting 11-14 percentprofit growth in the year ahead. At the sametime, the firm poured cold water on hopes for a cash return, Reuters said.
'Woolworths believes there are opportunities to fill gaps in its existing category reach within Australia and New Zealand by acquiring and partnering with existing businesses with strong brands and talented, motivated management teams,' a spokesperson is reported to have said. 'Woolworths also continues to look at opportunities outside Australia.'
Woolworths plans to appeal a court decision banning it and New Zealand supermarket rival Foodstuffs bidding for New Zealand's largest listed retailer, The Warehouse Group Ltd, in which Woolworths holds a 10 per cent stake, Reuters said.
The group said it expected group sales in 2008/09 to grow in the upper single digits, with earnings before interest and tax to continue growing faster than sales, subject to uncertainty in consumer spending amid rising living costs.
Its net profit rose to A$1.627bn in 2007/08, up from A$1.294bn a year ago. Analyst forecasts were for a 25 per cent rise to A$1.616bn, according to Reuters estimates.
Woolworths and Coles together control 80 percent of Australia's packaged grocery market.
In a separate development, Woolworths has this week unveiled a new corporate identity which will be rolled out across all of its almost 900 supermarkets in Australia, reports Planet Retail.
The new identity and logo will be used in all exterior and interior signage, staff outfits, stationery, packaging and all forms of marketing.
The new branding, which features a green apple symbol, will replace the long-standing 'The Fresh Food People' slogan and logo, which the company thought was swamping the Woolworths brand.
