Adds CEO remark, particulars on outcomes, background
Adds CEO remark, particulars on outcomes, background
JOHANNESBURG, Feb 20 (Reuters) – South African division chain Woolworths WHLJ.J reported a 17.7% drop in half-year earnings on Thursday, dragged down by disappointing womenswear and Black Friday gross sales.
The corporate, which sells meals, clothes and homeware, stated headline earnings per share (HEPS), the principle revenue measure in South Africa, declined to 164.9 cents within the 26 weeks ended Dec. 29 from 200.four cents a yr earlier.
The decline in revenue was compounded by an accounting change, Woolworths stated. Excluding the affect of the accounting change, HEPS fell 10.1%.
Group turnover and concession gross sales rose 3.8% to 40.9 billion rand ($2.72 billion), whereas adjusted revenue earlier than tax dropped 12.3% to 2.four billion rand.
“Though we had a robust first quarter in our South African style enterprise, our second quarter was tougher, with enhancements in kidswear, menswear and…