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Handsome bonus for Woolworths CEO

Oct 12 2011 11:20
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Last traded 102
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Last Updated: 30-11-2015 at 05:10. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Food and clothing retailer Woolworths [JSE:WHL] paid its CEO Ian Moir 13.6 million, including a bonus of R8.25m, added to his R5.312m normal package for the year.

Moir, who joined the company in January 2010, is the former MD of retail at Country Road.

Short term bonuses totalling R20.34m were paid to four executive directors over the period, including former CEO Simon Susman and deputy chairperson (R2.84m), financial director Norman Thomson (R4.39m) and MD Food Zyda Rylands (R4.86m).

In August Woolworths reported adjusted diluted headline earnings per share of 209.8 cents for the year ended June, up from 152.2c in 2010.

A final dividend of 93c per share was declared and a total distribution of 143.5c per ordinary share was made for the period, an increase of 36.7%.

Revenue increased 9.2% to R25.841bn and operating profit increased 28.3% to R2.122bn.

During the course of the year sales grew by 10.0% (comparable 7.9%), and clothing and general merchandise sales grew by 8.6% (comparable 7.3%). Clothing and footwear sales in SA performed particularly well, increasing by 11.5% (comparable 9.4%).

Food also experienced strong growth for the year with sales up 10.7% (8.4% comparable).

The group said on average for the 12 month period it outperformed the market by 4.1%.

The group's return on equity increased from 39.4% to 44.1%.

woolworths holdings  |  ian moir


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