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Woolworths 20-week sales jump on Australia deal

Johannesburg - Woolworths reported a 48% jump in sales for the first 20 weeks of its financial year on Thursday, lifted by the acquisition of Australia's David Jones.

Woolworths has been able to ride out a downturn in consumer spending thanks to its core market of affluent shoppers.

The company acquired Australia's second-largest apparel retailer earlier this year, creating a southern hemisphere powerhouse with an estimated $5.6bn in annual sales.

Excluding the impact of David Jones, sales for the 20 weeks to November 16 rose 11.9%, Woolworths said in a statement, below the 14% full-year sales growth it posted in August.

Shares of the retailer slumped nearly 3% by 09:52 GMT as investors focused on the slower growth at home. Woolworths' shares are up around 11% this year, outperforming a 6% increase in the benchmark Top-40 index.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
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