This report does not constitute a rating action. MELBOURNE (S&P Global Ratings) Aug. 23, 2023-- Woolworths Group Ltd. 's stronger-than-expected performance in fiscal 2023, highlighted by group EBIT growth of 15.8% on a continuing operations basis, improves its credit metrics buffer at the current ratings (BBB/Stable/A-2). The Australia-based retailer's ability to contain costs has underpinned a strong result for its grocery division amid softening consumer sentiment. The group's scale of operations enables it to manage its cost base and positions it well to cater to consumers facing cost-of-living pressures. Woolworths benefits from its ability to extract advantages in supply chain and procurement from its retail network. During fiscal 2023 (year end June 25), revenue growth in the group's largest division,
