Insurers for Woolworths' New Zealand supermarkets copped a bill of $27.7 million from the September 2010 and February 2011 earthquakes in Christchurch.
The Australian retailer's New Zealand supermarket operation booked the insurance recovery as revenue in the year ended June 26, 2011, it said in statements lodged with the Companies Office last month. That made up almost half the $64.6 million in non-operating revenue in the period, while sales rose 3.5 percent to $5.37 billion.
Woolworths took a $14.8 million hit from earthquake costs not covered by its insurance cover, according to the parent company's annual report, published in September.
The local holding company, Woolworths New Zealand Group, reported net profit of $99.8 million in the year, down from $100.7 million a year earlier. The Australian parent had previously said New Zealand supermarket pre-tax earnings rose 5.1 percent to $244 million.
Woolworths, which completed a nationwide rebranding of its local chain to Countdown last year, has 158 stores in New Zealand and competes with Foodstuffs cooperatives, which operate Four Square, New World and Pak'nSave chains.
In October, the Australian retailer said its New Zealand supermarkets boosted sales 3 per cent in the 14 weeks ended October 2. That accounts for about 8.9 per cent of sales in Woolworths' supermarket division and 7.7 per cent of the entire group's revenue.
Shares in Woolworths rose 2 percent to $A25.71 ($NZ33.80) in trading on the ASX yesterday.
NZN