Publications
Partners
Johannesburg - Retailer Woolworths reported a 17% rise in first-half profit on Thursday as its well-heeled customers splashed out on luxury goods even as the rest of the consumer market grapples with high personal debt.
Woolworths, which sells upscale food products and clothing, said headline earnings per share totalled 192.4 cents in the six months to end-December compared with 164.2c a year earlier.
Retailers are struggling to grow sales at a faster pace as consumers rein in spending due to high personal debt, unemployment and rising fuel and transport prices.
But Woolworths is faring better as most of its customers are from the high-income category.
Sales rose 16.2% to R19.382bn compared with the same period the previous year. Woolworths said it expects second-half sales growth to be broadly in line with the first half.
The company declared an interim dividend of 101c per share.
Woolworths, which sells upscale food products and clothing, said headline earnings per share totalled 192.4 cents in the six months to end-December compared with 164.2c a year earlier.
Retailers are struggling to grow sales at a faster pace as consumers rein in spending due to high personal debt, unemployment and rising fuel and transport prices.
But Woolworths is faring better as most of its customers are from the high-income category.
Sales rose 16.2% to R19.382bn compared with the same period the previous year. Woolworths said it expects second-half sales growth to be broadly in line with the first half.
The company declared an interim dividend of 101c per share.
