Australia's Woolworths tops profit forecasts after cutting prices; shares surge - Reuters

<a href="https://news.google.com/rss/articles/CBMirAFBVV95cUxPV0FBY1ZUSXpldDYzZk95RG4ta21sVjBabHZQbVpkWmdrVENxWlBXU0NUaG9ZTERnMUMxaVN2VXN3bUxHYXpEWnREUEZzcVl2c1pSN05BbFpIanhKdlhzbVZaSThBaFdGT0ZDSUJNb0lUb2NSdzlmNGF4X2dLSkN4bEp0blp0UGZMYS1iSDdKTXJwemkwTGVUNTI5UjVySjBCdUJTSG91eFdZUU1i?oc=5" target="_blank">Australia's Woolworths tops profit forecasts after cutting prices; shares surge</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Woolworths reported a 16% rise in underlying net profit to A$859 million for the six months ending January 4, surpassing analyst expectations, as cost-conscious shoppers responded positively to price cuts, leading to a significant surge in shares.

Woolworths announced a 16.4% increase in profit, aided by margin expansion in its supermarket business, amid allegations from the Australian Competition and Consumer Commission (ACCC) of misleading 'illusory' discounts on common products.

Woolworths' shares surged 13% to A$35.63, marking the company's best one-day gain on record, following a 16% rise in net profit and a 3.6% increase in Australian food sales, exceeding analyst expectations.

Woolworths Ltd reported a 16.4% rise in underlying net profit to A$859 million for the six months ending January 4, with group sales increasing by 3.4% to A$37.1 billion, leading to a significant surge in shares.

Woolworths shares surged to their highest level in eighteen months after reporting better-than-expected earnings and announcing a substantial dividend increase, signaling resilience despite ongoing consumer pressures.