Woolworths Profits Soar 16% as Customers Face Higher Prices
Woolworths reports a 16.4% jump in profits, driven by expanded margins in its supermarket business, even as the ACCC prepares legal action over 'illusory' discounts.
Woolworths, one of Australia's leading supermarket chains, has reported a significant 16.4% rise in profit, driven by expanding its margins in its key supermarket business. The company's half-year earnings report, released on Wednesday, showed an increase in underlying net profit to $859 million over the six months to 4 January, up from $739 million in the prior corresponding period.
The impressive financial performance comes as the Australian Competition and Consumer Commission (ACCC) prepares to take legal action against Woolworths over what it calls 'illusory' discounts. The consumer watchdog alleges that Woolworths has been misleading customers by advertising discounts that are not genuine savings.
{{IMAGE_PLACEHOLDER}}Source: The Guardian
