Woolworths Full Year Financial Report 2012

Australian retailer, Woolworths (ASX:WOW) have released their full year financial results for FY 2012 to the ASX stockmarket.

• Woolworths net profit was $1.8 billion, down 14.5 percent from $2.14 billion the previous year.
• Dick Smith value was written down to only $20 million. The company's downsizing cost Woolworths $366 million in losses.
• Sales revenue increased to $55.1 billion, up 4.8 percent.
• Woolworths chief executive Grant O'Brien said, "Retail conditions remain subdued due to consumer and business uncertainty and an unseasonably wet and cold summer period. The impact of this was exacerbated by significant price deflation for this financial year. This result reflects a stronger end of year compared to the first half, and that trend of performance has continued into the start of this new financial year. Of course when we include the discontinued consumer electronics division, we are reporting a decline in net profit after tax of 14.5 per cent."
• Woolworths opened 128 new stores in the financial year. New stores include supermarkets, liquor outlets and home improvement centres (20 Masters brand shops).
• Woolworths offered a guidance of an increase of 3 to 6 percent in net profit for the 2012/13 financial year.
• Woolworths declared a final fully-franked dividend of 67 cents per share, ex-dividend date of 10/09/2012. An earlier interim dividend was 59 cents per share, bringing Woolworths' annual dividend distribution at 126 cents per share.
• WOW stocks closed the week on Friday at $29.00.