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Woolworths FY20 Net Profit Down, EBIT Rises; Declares Dividend; Stock Up

(RTTNews) - Supermarket chain Woolworths Group Limited (WOW.AX) reported Thursday that its fiscal 2020 net profit attributable to equity holders of the parent entity fell 56.7 percent to A$1.17 billion from last year's A$2.69 billion.

Basic earnings per share declined 55 percent to 92.7 cents from 206.2 cents a year ago.

Attributable profit from continuing operations declined 21.8 percent to A$1.17 billion.

Adjusted attributable profit was A$1.60 billion or 127.5 cents per share, compared to A$1.75 billion or 134.2 cents per share last year.

Earnings before interest and tax or EBIT grew 11.8 percent from last year to A$2.63 billion, and adjusted EBIT increased 18.3 percent to A$3.22 billion.

Sales increased 6.2 percent to A$63.68 billion from A$59.98 billion last year. Sales, normalised for AASB 16 and 53rd week, increased 8.1 percent.

Further, the Board declared a fullyfranked final dividend of 48 cents per share. This brings the full-year dividend to 94 cents per share, down 7.8 percent on last year.

Excluding non-comparable Petrol earnings in the prior year and the impact of the 53rd week, the dividend was in line with the prior year.

Looking ahead, the company said, "The outlook for the year ahead is uncertain and recent events in Victoria have reminded us that the situation remains challenging. But I am confident that the Group is well positioned to adapt to whatever environment we may find ourselves in and continue to live our purpose."

In Australia, Woolworths shares were trading at $40.35, up 2.75 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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