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' 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.

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.