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Woolworths diluted HEPS up 28.1% to 333.8c
Food and clothing retailer Woolworths Holdings Limited (WHL) on Thursday, 29 August 2013, reported a 28.1% rise in diluted headline earnings per share (HEPS) to 333.8c for the 53 weeks ended June 30 2013‚ as turnover increased by 23.2% to R35.2bn.
The board declared a cash dividend of 148c per share.
The company said the strong sales growth experienced in the first half of the year continued into the second half despite the pressure on the South African consumer.
The inclusion in the second quarter of the group's Australian acquisition‚ Witchery‚ further boosted sales.
Sales growth was leveraged by improved gross margins in both the South African and Australian clothing businesses‚ benefiting from improved sourcing‚ delivering group profit before tax growth of 27.1%.
Return on equity (excluding goodwill) increased from 50.3% at June 24 2012 to 58.7% at June 30 2013.
The impact of the additional 53rd week has added 2% to earnings.
The company believes economic conditions in South Africa will remain constrained‚ especially in the lower- and middle-income segments of the market‚ where consumer debt levels remain under pressure.
Trading for the first eight weeks of the new financial year has been in line with expectations both in SA and Australia.
Source: I-Net Bridge
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