Australian supermarket chain Woolworths Ltd (ASX:WOW) remains open to further acquisitions as work continues on its venture into the multibillion-dollar hardware market.

Woolworths managing director Michael Luscombe said the company was committed to continuing its growth.

"We remain open to additional acquisition opportunities both in Australia and offshore but will continue to assess these in a prudent, considered and highly disciplined manner."

He said there were significant growth opportunities within Woolworths' existing businesses through margin expansion and cost cutting.

Woolworths will also keep pursuing complimentary revenue streams such as online channels and as adjacent opportunities, including financial services.

Woolworths' home improvement strategy was progressing well, with the first store scheduled to be opened in late-2011, according to Mr Luscombe.

The company and US retailer Lowe's Companies Inc entered a joint venture to acquire hardware distributor Danks Holdings Ltd in 2009 in an effort to compete Wesfarmers' Bunnings, which is the market leader.

Based on the annual report, Mr Luscombe, whose base salary was $2.21 million, received a total of $8.33 million in the year June 30, in line with the previous financial year. His short-term cash bonuses totalled $2.55 million and share options were worth $2.97 million.

Remuneration for Woolworths' management fell from $23.92 million in the previous year to $22.98 million in the year to June.

At 1338 AEST, shares in Woolworths gained one cent at $29.05.