This comes as unseasonably warm weather across the southern hemisphere impacted negatively on apparel sales.

Woolworths said despite a difficult second half caused mainly by a late winter, sales in clothing and general merchandise grew by 9.6 percent.

Headline earnings per share (HEPS) for the year grew by 23.2 percent, in line with the expected 15-25 percent increase.

But the retailer said the introduction of new credit regulations under the National Credit Amendment Act impacted growth in its financial services.

“Despite this, the average debtors’ book grew by 8.1 percent and profit increased with 12.1 percent,” Woolworths said.

Prior year earnings were impacted by the costs associated with the acquisition of David Jones, the iconic Australian department store chain.

Woolworths said the transformation of David Jones was proceeding well and branching out of Australia, with sales growing 8.4 percent.

“We are growing our footprint in the Australasian market, and in July 2016 opened the first David Jones store outside of Australia, in Wellington, New Zealand,” Woolworths said.

Woolworths Food continued to gain market share and sales grew by 11.9 percent.

A final gross cash dividend of 180 cents per ordinary share was declared, bringing the total dividend for the 52 weeks ended in June to 313.0 cents per share, a 26.7 percent increase on last year’s total dividend of 247.0 cents per share.

ANA