25 Aug 2016

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Woolworths earnings beat estimates as food, clothing sales rise

Johannesburg - South African retailer Woolworths Holdings [JSE:WHL] reported full-year profit that beat analyst estimates after food and clothing sales rose.

Diluted headline earnings per share, which exclude one-time items, rose 8.9% to R4.53 in the year ending June 26, the Cape Town-based company said in a statement on Thursday. That compared with the R4.45 average estimate of six analysts. Sales rose 16% to R72.1bn

Woolworths follows Shoprite Holdings as South African retailers reporting increased sales and profit this week, even as slowing economic growth weakens consumer confidence in their home market.

Woolworths also benefited from increased revenue in Australia, where it acquired Sydney-based department-store operator David Jones in 2014.

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