Woolworths posts $1.14bn profit in cost-of-living crisis – but CEO says it’s not thanks to rising shelf prices

CEO claims more customers buying more led to $175m surge in net profit as Ooshies craze boosts sales Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Woolworths has reported a $175m surge in net profit to $1.14bn, with profit margins rising and the Ooshies toys promotion boosting sales. The company’s market value surged $2bn and briefly exceeded $50bn, its highest value since 2021, as investors bought in after it reported annual results on Wednesday. Sales in the Australian supermarkets division rose 4.6% in the year to June, from $51.49bn to $53.85bn. The profit margin on earnings rose from to 5.5%, from 5.3%. Its pre-tax earnings rose by $232m, to surpass $2.95bn. Online sales rose 15.9% across the company, as it rolled out more in-store pick up and on demand options across the country. It came after Coles on Tuesday reported a higher profit margin for its supermarkets, from 5.3% to 5.7% – its highest level since at least 2019. Net profit across the Coles group rose 1% to $1.09bn, in the year to June. Woolworths and Coles have previously faced criticism for fattening profit margins during periods of high living