Woolworths Group turnover increases by 3.8% to ZAR40.9 billion


Woolworths Holdings today, 20 Febraury 2020, announced interim results for the 26 weeks ended 29 December 2019.

Group turnover and concession sales increased by 3.8% to R40.9 billion and adjusted profit before
tax of ZAR2.4 billion was down 12.3%. Earnings per share and headline earnings per share (HEPS)
decreased by 9.0% and 10.1% respectively. Adjusted diluted HEPS decreased by 11.7% to 179.1
cents per share.

“This was another tough period of trade. Although we had a strong first quarter in our South African fashion business, our second quarter was more challenging, with improvements in kidswear, menswear and lingerie, offset by a number of product issues in womenswear and a disappointing Black Friday sales period,” says Ian Moir, WHL Group CEO.

Trade in David Jones improved in the second quarter, but margins remained under pressure driven by
the inclusion of Boxing Day clearance in the first half, a higher proportion of promotional sales, and reversal of inventory-related provisions in the prior year.

Challenging economic conditions in both markets, with the additional burden of power outages in
South Africa, and bushfires affecting footfall in Australia, further impacted trade. Against this
background, however, Woolworths Food delivered another market-leading performance and Country
Road Group delivered positive comparable store sales growth, with an outstanding performance from
the Country Road brand. Online sales in all four businesses saw strong growth,” adds Moir.


About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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