Australian supermarket chain Woolworths has reported total sales of A$67.92bn ($46.09bn) in fiscal 2024 (FY24), up 5.6% and 3.7% on a normalised basis compared to A$64.29bn in fiscal 2023 (FY23).
The company’s e-commerce sales stood at A$7.9bn in FY24, up 18.5% normalised compared to FY23.
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Online penetration increased by 158 basis points (bps) to 12.5% in FY24, with sales growth led by WooliesX e-com sales in Australian food.
Woolworths’ earnings before interest and taxes (EBIT) before significant items were $3.22bn in the year ending 30 June 2024, increasing 3.4% from $3.11bn in FY23.
Its basic earnings per share (EPS) were 140.3 cents over the year, down 1% from 141.7 cents in FY23.
The retailer’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for the fiscal year were $6bn, increasing 5.4% from $5.69bn in FY23.
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By GlobalDataDriven by Australian food, Woolworths’ normalised gross margin increased by 56 basis points (bps) to 27.3% in FY24 from 26.8% in the previous year.
The company’s Scope 1 and 2 emissions are 42% lower than in the 2015 base year.
Woolworths Group CEO Brad Banducci stated: “After a strong first half, we worked hard in H2 to address rapidly changing customer expectations following the drop in our customer scores in Q3 and a loss of sales momentum. Pleasingly, customer scores and sales momentum improved in Q4, and this has continued into FY25.
“In H2, inflation in our food businesses and BIG W moderated significantly as we lowered prices and passed on lower cost prices to customers. Average prices in Woolworths food retail in Q3 and Q4 were down 0.2% and 0.6% respectively on the prior year.
“However, cost of living remains the primary concern for our customers, and we are committed to do more to help them in the current environment by offering more value on their shopping baskets and by supporting them with new digital tools, and extra value through Everyday Rewards.”
In May 2024, Woolworths entered an agreement to sell a 5% stake in the Endeavour Group, which it spun out as a separate company in 2021.
