Share

Woolies to slash prices

Cape Town - Woolworths Holdings [JSE:WHL] will cut its prices by up to 30% from August in a bid to gain market share in Africa, The EastAfrican reported.

The firm's profits jumped by 70% after it dropped prices by 30% in Australia.

Ian Moir, Woolworths Africa group chief executive was in Kenya to open its eighth store in the country in a joint venture with Deacons, which owns and manages various international fashion brands.

“We seek to change the perception of buyers on Woolworths which is viewed as shops for the upmarket especially in Kenya our newest market,” he said in an interview with The EastAfrican.

The news agency reported that single commodities will go down by 20%, while bulks will go down by 30% in Kenya, Uganda and Tanzania.

“As we expand our African footprint, we are working hard to offer our customers in these new markets the best possible value for our unique quality and innovation standards," Woolworths told Fin24.

The retailer said it was able to reposition prices to offer customers even better value for money, by achieving a range of operational efficiencies.

"We’ve learnt from years of trade locally and elsewhere that value for money is important to our customers,” it added.

Woolworths emerged as the industry leader for customer satisfaction, according to the South African Customer Satisfaction Index (SAcsi) released in May.

The customer satisfaction score recorded for the retailer was the highest score for comparable supermarkets in the USA and in the UK.

In February, the firm reported a 21% rise in first-half profit chiefly as a result of contributions from its acquisition in Australia.

Woolworths said headline earnings per share totalled 164.2 cents in the six months to end-December compared with 135.7 a year earlier.

Woolworths has 60 stores in 12 African countries outside South Africa. They are: Kenya, Mauritius, Nigeria, Lesotho, Zambia, Tanzania, Uganda, Mozambique, Botswana, Namibia, Swaziland and Ghana.

 - Fin24



We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.83
+0.3%
Rand - Euro
20.36
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders