Shares in retail conglomerate Woolworths Group Ltd (ASX: WOW) were up 2.3% to $27.53 at the time of writing on the first trading day after the release of its half-year results on February 23.
Woolworths reported a profit surge of 38% to $969 million, with underlying earnings up almost 15% to $902 million and a 3.8% increase in sales.
The results delivered the expected outcome, with Woolworths outperforming Wesfarmers Ltd's (ASX: WES) Coles yet again in cementing its position as the frontrunner in the supermarket giant space, with Wesfarmers announcing on February 21 Coles had suffered a 14.1% profit slump to $790 million.
Wesfarmers shares were down 2.8% to $41.33 at the time of writing, sliding down from $42.53 to close off last week's trade.
Big W is not expected to make a great recovery to buoy Woolworths results in the second half, but a surge in Australian food sales will likely hold the supermarket giant in good stead to book solid FY18 results.
Woolworths shares have risen steadily since the price tanked to $24.54 in October 2017 and USB slapped a buy rating on the stock in mid-February when it sank to $26.74, but as the price climbs back towards $30 many buyers may hold their fire.
