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Woolworths reports better performance

Published: 15th Jul 2019

Author: Stock Exchange News Service (SENS) release

Thu 11 Jul 2019, 9:15 Woolies - extracts from a SENS trading update
The year ended 30 June 2019 ('current year') had 53 trading weeks compared to 52 trading weeks for the year ended 24 June 2018 ('prior year').
       In South Africa, after a 2.0% decline in sales in the first half, Woolworths Fashion, Beauty and Home sales performance improved in the second half, growing by 5.5% (5.0% after adjusting for the pre- Christmas trade day included in the second half), with comparable sales of 4.7%. This is as a result of a focus on core ranges and basics, backed by improved availability. Price movement for the year for Fashion was 2.5%.
       Retail trading conditions in Australia remain challenging. David Jones was also significantly impacted by sales disruption resulting from the Elizabeth Street store refurbishment, which is on track to be completed by the third quarter of the 2020 financial year. Online sales at David Jones grew by 46.8%, and now contribute 7.7% of total sales. In Country Road Group, while sales growth in the second half was also impacted by the trading conditions, online sales in Australasia grew by 12.9%, representing 20.3% of sales. As the contribution from online sales increases the reduction in unproductive space remains a priority.
       The Group's year-end results for the 53-week period ended 30 June 2019 are scheduled to be announced on the SENS on or about 29 August 2019.- For the full report, go to http://www.sharedata.co.za/v2/Scripts/News.aspx?c=WHL&sensid=339036

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