Woolworths has released its full-year financial results and sees tough times ahead despite gains during the year. 

In the year up to June 26, net sales increased 4.7% including petrol (4.1% excluding petrol) to Aus$54.14bn (£34.62bn). Net profit rose 5.1% to Aus$2.12bn (£1.36bn) up from the previous year’s Aus$2.02bn (£1.29bn).

However, Woolworths predicted that weak consumer confidence would keep trading subdued in the next financial year. Retiring chief executive Michael Luscombe said: “This is going to be a tough year for all retailers.”