Woolworths profit slumps on weak womenswear, Black Friday sales
JOHANNESBURG – South African department chain Woolworths reported a 17.7% drop in half-year earnings on Thursday, dragged down by disappointing womenswear and Black Friday sales.
The company, which sells food, clothing and homeware, said headline earnings per share (HEPS), the main profit measure in South Africa, declined to 164.9 cents in the 26 weeks ended Dec. 29 from 200.4 cents a year earlier.
The decline in profit was compounded by an accounting change, Woolworths said. Excluding the impact of the accounting change, HEPS fell 10.1%.
Source: iol.co.za
