Woolworths lifts FY profit by 10%, lags consensus
Woolworths, which sells upscale food and clothes, said diluted headline earnings per share totalled 360 cents, below a 389 cent estimate in a Reuters poll of 14 analysts.
Headline EPS, the most widely watched profit measure in South Africa, strips out certain one-off items.
Woolworths, which recently acquired Australia's second-largest department store, David Jones, said sales increased 14.4% to R39.5 billion.
Retailers in Africa's second largest economy are struggling to grow sales as consumers rein in spending due to high personal debt, unemployment and rising fuel and transport prices.
But Woolworths, similar in style and products to Britain's Marks & Spencer, is faring better as most of its customers are from the high-income category.
Shares in Woolworths have gained about third in the past twelve months, far outpacing rivals such Massmart and the broader market.
Highlights:
- Revenue +14.4%
- Adjusted profit before tax +20.1%
- Adjusted headline earnings per share +17.1%
- Return on equity 46.7%
- a final gross cash dividend of 150.5 cents
Source: moneyweb.co.za
