Woolworths Open to Acquisition Opportunities

Retail giant, Woolworths (ASX:WOW), has said in its annual report that it is open to potential acquisitions.

Managing Director of Woolworths, Michael Luscombe noted, "We remain open to additional acquisition opportunities both in Australia and offshore but will continue to assess these in a prudent, considered and highly disciplined manner. We will also continue to pursue complimentary revenue streams such as online channels as well as adjacent opportunities such as financial services"

Woolworths is opening its first Home Improvement store in late 2011, a joint venture with US Hardware giant, Lowe's. Also in the annual report, the company reconfirmed its previous guidance of net profit growth between nine per cent and 11 per cent for the 2011 financial year.