People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020.
A day earlier, Coles said a cost blowout sent its underlying annual profit lower.
Woolworths said its earnings margin from food was 6% in the year to end-June, from 5.3% a year earlier.
The company gave no profit guidance except that growth in Australian food sales, its main earnings driver, remained strong although inflation was moderating.
"We think the result will be taken well in the context of yesterday’s weaker result from Coles," Citi analysts said.
Persons:
Loren Elliott, Coles, Brad Banducci, Jim Stanford, Byron Kaye, Nausheen, Archishma Iyer, Krishna Chandra Eluri, Stephen Coates, Muralikumar
Organizations:
Woolworths, REUTERS, JPMorgan, Macquarie Group, Citi, Centre, Future, Australia Institute, Thomson
Locations:
Sydney, Australia, Coles, Bengaluru