Woolworths' H1 earnings slipped 17% to AU$966.9M as sales grew 5% to AU$29.91B, hurt by restructuring, sale of electronics business; company expects subdued sales for H2

LOS ANGELES , March 1, 2012 () – Australian supermarket chain Woolworths Ltd.'s first-half earnings fell 17%, mainly because of restructuring and the sale of its Dick Smith electronics stores, Dow Jones Newswires reported March 1.

Woolworths said last month that it would take a AU$300 million (US$322 million) provision as a result of the sale.

The chain's earnings fell to AU$966.9 million from AU$1.16 billion in the year-ago half. Analysts had expected similar results.

Sales grew 5% to AU$29.91 billion.

The company expects subdued sales for the remainder of the year, and anticipates full-year after-tax profit growth of  2%-6%, excluding restructuring costs.

The primary source of this article is Dow Jones Newswires, New York, New York, on March 1, 2012.

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