Woolworth reports bump in group sales during FY2022

Woolworths Group has recorded a 9.2 per cent increase in group sales to $60,849 million, with net profit after tax rising 0.7 per cent to $1,514 million.

Reported in the company’s FY2022 results, Metro Food Stores sales increased 6 per cent to $951 million due to new store growth with five new stores opened during the year and increased traffic in On-the-Go stores.

Brad Banducci, CEO of Woolworths Group, said the extremely challenging operating environment caused by supply chain disruptions, product shortages, team absenteeism, and flooding led to an inconsistent customer experience and a financial performance that was below their aspirations for the year.

“However, I am proud of how our team continued to show great care for our customers and each other and ongoing resilience to deliver a strong Christmas, and materially improved trading momentum in H2.

“Importantly, we were also able to continue to progress our strategic and sustainability agendas and I am confident that, as we enter F23 with a renewed sense of purpose, we will be able to navigate ongoing uncertainties and challenges to deliver for all of our stakeholders.”

Over the year, the company transferred seven supermarkets to Metro Food Stores for reporting purposes, bringing the total number of Metro Stores to 90. It also progressed in its Ampol partnership and rebranded 40 Metro Ampol sites to MetroGo.

Looking to the year ahead, Banducci said they expect the trading environment to remain volatile and challenging due to endemic COVID disruptions, ongoing supply chain challenges, higher costs across our business and cost-of-living pressures for our customers.

“However, we are increasingly more agile and purposeful in responding to these challenges and are focused on improving our underlying operating performance across all aspects of our value chain after three years of disruption.”

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