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Cape Town - Shares in Woolworths [JSE:WHL] fell by as much as 9.2% in early trade on Monday, before recovering to trade some 5% down by noon, on news that it expects a profit drop for the first half of the financial year.
The multinational retail company put out a half-year investors' note on Monday morning to say it expects headline earnings per share to be down between 12.5% and 17.5% for the six months ended December 24 2017.
Woolworths shares opened at R63.50 on the JSE on Monday, falling to an intraday low of R57.64 in early trade before again firming to change hands at R60.00 exactly by 11:45.
According to Woolworths, group sales for the first six months of the 2018 financial year increased by 2.5% over the prior period.
Sales in its SA-based fashion, beauty and home sectors were down by a total of 0.2%, while its SA food sales increased by 9.4%. In Australia, David Jones sales were 3.3% lower, while sales in the Country Road Group increased by 5.2%.
