Woolworths shares jump as price cuts and strong sales boost profits
Woolworths shares surged today after the retailer reported a 16 percent profit rise. Price cuts helped the grocer beat forecasts and raise its full-year outlook.
Insights:
Woolworths Group Limited reported a forecast-beating first-half underlying net profit of A$859 million for the 27-week period ended Jan. 4, prompting the retailer to raise its full-year earnings guidance and declare a higher interim dividend. Following the announcement, shares in the company surged by more than 11% in Australia 
AU, marking the largest intraday gain for the group since 1997.
AU, marking the largest intraday gain for the group since 1997.
