Woolworths warns of likely 20% profit fall

Woolworths expects profit for the 52 weeks to June 28 to be more than 20% down year on year, hit by a drop in sales owing to measures to prevent the spread of the coronavirus.

“The temporary closure of non-food stores … decline in foot traffic and consequent loss of trade are likely to have a substantial impact on our earnings and cashflow,” the company said in a statement.

Source: moneyweb.co.za