Woolworths posts $1.62bn profit with dramatic lift in margins despite cost-of-living crisis

Results, a day after Coles posted $1.1bn profit, show supermarket has used pandemic and inflation to increase profit from sales

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The country's biggest supermarket chain, Woolworths, has recorded a dramatic lift in margins for its Australian food business to well above pre-pandemic levels, underpinning a strong profit result amid a cost-of-living crisis.

The company's net profit increased 4.6% to $1.62bn for the full financial year, while overall sales hit $64.29bn, derived from its Australian and New Zealand supermarket operations as well as discount chain Big W.

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