Woolworths has reported a 10.3 percent increase in net profit to $983.3 million and said that it is very well positioned for the future.

According to its half year report, sales were up by 8.8 percent to $26.1 billion and EBIT gained 10.2 percent to $1,515.2 million.

Woolworths Limited’s CEO, Michael Luscombe said: “This is a strong result reflecting increasing customer acceptance of our retail offer underpinned by the continued investment in all our businesses. I am confident that we are well positioned to take advantage of growth opportunities as they arise and to meet future challenges.”

Woolworths has also reported solid sales growth for its Consumer Electronics division with sales reaching $838.9 million (from 769 million), up 9.1 percent on last half year and comparable store sales increasing by 5.8 percent. However, EBIT dropped 26.7 percent to $31.6 million (from 43.1 million last year).

Woolworths has also mentioned in its report that it has finished its strategic review for its Consumer Electronics division and has implemented a number of key findings such as the rollout of its new store format, improvements to its range of products, a new price promise and branding, as well as investment in their people.

Woolworths has opened 29 Dick Smith Electronics and 3 Powerhouse stores during the half taking its total store number to 433.