Woolworths posts $1.14bn profit in cost-of-living crisis – but CEO says it’s not thanks to rising shelf prices

Online sales rose 15.9% across the Woolworths, results showed, as it rolled out more in-store pick up and on demand options across the country. Photograph: Jaimi Joy/Reuters

Woolworths has reported a $175m surge in net profit to $1.14bn, with profit margins rising and the Ooshies toys promotion boosting sales.

The company’s market value surged $2bn and briefly exceeded $50bn, its highest value since 2021, as investors bought in after it reported annual results on Wednesday.