S.Africa’s Woolworths flags lower half-year profit on weak clothing sales

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S.Africa’s Woolworths flags lower half-year profit on weak clothing sales

8:27 CAT | 28 Jan 2025

File photo: Reuters

South African upmarket retailer Woolworths Holdings flagged a decline of up to 27% in its first-half profit on Tuesday due to weaker-than-expected performances of its clothing businesses at home and in Australia and New Zealand.

Woolworths, which also owns food stores in South Africa, said its headline earnings per share were expected to decline by 22% to 27% for the 26 weeks ended Dec. 29 from 203.3 cents in the prior period ended Dec. 24, 2023.

Source: Reuters