Woolworths lifts profit to $1.75 billion

Woolworths (ASX:WOW) has increased its net profit after tax 7.2 per cent to $1.75 billion for the year, helped by strong food sales in its supermarkets.

This financial year saw a number of landmark transactions for the Group -The sale of Petrol was finalised in April with the proceeds of $1.7 billion returned to shareholders through a share buy-back.

In July, they announced the planned merger of Endeavour Drinks and ALH, to be followed by a demerger.

The company phased-out single-use plastic bags from all businesses, and transitioned away from $1 per litre milk pricing delivering $19 million in relief to dairy farmers.

F19 dividend per share is up 9.7 per cent on last year at $1.02 on 2018.

Shares in Woolworths (ASX:WOW) closed 0.58 per cent higher at $36.18 yesterday. 
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Source: Finance News Network