Soaring Woolworths NZ profit sure to raise hackles

Australian-owned Supermarket giant Woolworths is reaping increasing profits from the New Zealand market amid calls from opposition parties to scrutinise the dominance of the two major chains.

Woolworths New Zealand Group, which accounts for about 40% of this country’s supermarket sales, lifted net profit by 20.5% to $155.4 million for the 12 months ended June 2013, according to financial statements recently lodged with the Companies Office.

The profit compared with $128.9 million for the same period in 2012 and $99.8 million in 2011.

 

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