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‘Cautious optimism’: Woolworths’ profit soars by 56 per cent

Woolworths has posted a 56 per cent jump in net profit despite signs of a weakening consumer confidence in the retail market.

The supermarket giant profits came out at a total of $2.7 billion, beating its rival Coles.

But after weak results from its Big W chain, Woolworths has announced it will push ahead with plans to close 30 of the most unprofitable department stores.

Woolworths CEO Brad Banducci tells Ross Greenwood the results are good but they are still cautious.

“When you’re in retail there’s always going to be a challenge thrown at you so cautious optimism should always be there, the carrying cry of the day.

“We’re optimistic but we need to be cautious and see what happens as we run into Christmas.”

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