Woolworths Holdings reported a 24.8% profit decline in its first half due to weaker clothing sales in South Africa and Australia. Headline earnings per share fell to 152.8 cents, down from 203.3 cents. The company declared an interim dividend of 107 cents, a 27.7% reduction from the previous year.
Woolworths Holdings, a prominent upmarket retailer in South Africa, announced a significant decline in profit for the first half of the year. The company reported a 24.8% drop in profits, attributed to weaker-than-anticipated growth in clothing sales within its South African and Australian markets. This downturn in its clothing segment has negatively impacted the overall performance of the company.
For the 26-week period ending December 29, the retailer’s headline earnings per share decreased to 152.8 South African cents, down from 203.3 cents in the previous corresponding period. The company has also declared an interim dividend, which has been reduced by 27.7% to 107 cents per share, reflecting the financial pressures it has faced amid subdued sales figures.
In summary, Woolworths Holdings has experienced a notable decline in profits due to lower clothing sales in South Africa and its overseas markets. The reduction in headline earnings per share and the cut in dividends underscore the challenges the retailer is currently navigating, calling for strategic adjustments to enhance performance going forward.
Original Source: www.tradingview.com
