Woolworths confident of weathering economic storm
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Woolworths says it is well-placed to weather the economic downturn and plans to spend $2 billion upgrading about 350 stores around the country.
Chairman James Strong has told shareholders at the company's annual general meeting in Melbourne that it will defer capital management plans because of the global economic situation.
The supermarket chain has confirmed its profit forecasts by predicting a rise in earnings of up to 12 per cent for the 2009 financial year.
Mr Strong says Woolworths is well-placed to survive a slowdown.
"Our economy is looking like taking a downturn but this country and indeed the world has been through hard times before and we've always come out of it. I've no doubt that this time will be the same," he said.
"There is no magic formula to success - just hard work, hard thinking, good leadership and performing the essentials well."
At around 2:00pm AEDT, Woolworths shares had gained nearly 1 per cent or 19 cents to $25.30.
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