3 Nov 2011

Woolworths to create 10,000 new jobs

7:11 am on 3 November 2011

Australian retailer Woolworths Ltd has outlined plans to create more than 10,000 new jobs in Australia and New Zealand this year.

The Australian retailer also aims to sell more fresh food, expand faster into the home improvement market and possibly exit from the electronics sector.

Woolworth's New Zealand's supermarkets have been rebranded under the Countdown name. Only five stores are left to rebrand.

The company plans to open 24 new stores during the next five years.

Chief executive Grant O'Brien says profit growth would be limited to between 2% and 6% in the current 2012 financial year.

Woolworths is targeting 10% earnings growth and high single-digit sales growth in the long term.

A decision on the future of its Dick Smith electronics business will be made by the end of February. The chain has suffered in Australia due to the stiff competition from cheap imports and online sellers.