Woolworths Supermarkets is a New Zealand supermarket chain fascia, and a subsidiary of Progressive Enterprises, itself a subsidiary of the Australian Foodlands Group (and not related to Woolworths Limited)
Woolworth GmbH is the owner of the Woolworths chain of high street shops in Germany.
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Woolworths, a close second to Coles Myer in the total Australian retail market, said Monday it also would buy back between A$500 million and A$600 million of its shares, representing up to 6 percent of its issued capital.
Woolworths, which gets 85 percent of its revenue from its supermarketsgroup, said sales in this sector rose almost 13 percent to A$12.05 billion for the 28 weeks to January 12.
Woolworths' strong first-half result, which bettered analysts' estimates, and the stock buyback comes in the face of increased competition from arch rival Coles Myer and discount retailers such as Germany'sAldi.
Woolworths said on Monday the stores it is buying generate an annual turnover of about $635 million, but would make only a "minimal" profit contribution in 2001-02 after funding costs.
Woolworths chief executive Roger Corbett said the group would invest about $180 million in 2001-02 to buy and upgrade the stores.
Woolworths is the biggest supermarket chain in Australia, with annual sales of more than $11 billion.
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