Woolworths slashes dividend, year profit up 30 percent

British retailer Woolworths Group Plc posted a 30 percent rise in annual profit, above average forecasts, and slashed its total year dividend by 66 percent. Adjusted profit for the year to February 2 was 28.3 million pounds ($55.9 million), above an...

British retailer Woolworths Group Plc posted a 30 percent rise in annual profit, above average forecasts, and slashed its total year dividend by 66 percent.

Adjusted profit for the year to February 2 was 28.3 million pounds ($55.9 million), above an average analyst forecast of 27.5 million, according to a Reuters Estimates poll.

Analysts had widely expected the high street DVD-to-sweets seller to make the dividend cut. Its shares rallied yesterday, closing at 11.75 pence to value it at 161.4 million pounds.

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