South African retailer Woolworths posts 15% rise in full-year profit

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South African retailer Woolworths posts 15% rise in full-year profit

2:05 CAT | 30 Aug 2023

FILE - A shopper walks to a Woolworths store in Johannesburg, South Africa, March 2, 2022.[File photo: Reuters/Siphiwe Sibeko ]

South African retailer Woolworths WHLJ.J on Wednesday reported a 14.8% rise in annual profit as promotional sales, online growth and lower debt helped to counter the impact of power cuts in the country and a rise in cost of living in its operating regions.

The food and fashion retailer posted a headline earnings per share – a profit measure – of 423.4 South African cents from continuing operations in the 12 months ended June 25, from 368.7 cents seen a year earlier.

The company sold an Australian clothing division earlier this year, therefore profits from continuing operations are a more precise measure for the year.

Source: Reuters