Woolworths profit to rise between 8% and 11% in 2011

At its AGM, Woolworths chief executive Michael Luscombe said the company had experienced an extraordinary couple of years and profit would remain on course to rise between 8% and 11% in the 2011 financial year. Luscombe spoke of how Woolworths was preparing for its entry into the home improvement business with joint partner US-based Lowe’s.
He said originally 150 stores was the target to open within five years, but he added: “My gut feel is that it is going to be a little bit conservative now.”