1 Mar 2012

Woolworths boosts earnings rebranding NZ supermarkets

6:34 pm on 1 March 2012

The Australian owned Woolworths has boosted earnings and gained market share within its re-branded New Zealand supermarkets.

The Australian supermarket chain announced a 17% slide in profit for the first half of the financial year, to $A967 million, as it took a one-off cost due to the pending sale of its Dick Smith electronics chain.

But trading in New Zealand was strong, with earnings at its 158 Countdown supermarkets rising 11% to $149 million, while sales rose 3% to $2.9 billion.

Managing director Dave Chambers says its last Foodtown and Woolworths stores were rebranded as Countdown supermarkets just before Christmas.

He says 18 stores were rebranded and as well as taking the customers with them, they took some of their competitors customers as well.