Woolworths 26-week sales up 11,4%

Woolworths 26-week sales up 11,4%

RETAILER NEWS

Business Day - Jan 18th, 08:26

Woolworths on Tuesday reported an 11,4% rise in sales for the first 26 weeks of the 2012 financial year compared with a year earlier. 

Sales in comparable stores grew by 7,7%, the company said.

Woolworths also advised that it expects both earnings per share and headline earnings per share for the 26 week period to December 25, 2011 to be between 30% and 35% higher than the corresponding reporting period a year ago.

Clothing sales in South Africa grew by 11,2% with a price movement of 7%. Sales in comparable stores grew by 5,9%, up from 4,9% at 20 weeks.

Food sales grew by 11,7% with price movement of 4,8%, while sales in comparable stores grew by 8,4%, up from 7,2% at 20 weeks.

General merchandise grew by 6,2% and by 4,2% in comparable stores, up from 2,5% at 20 weeks.

The company’s retail space, including Africa, grew by 2,3% year on year, net of closures and excluding franchise conversions.

"Franchise store conversions are on track with 50 stores now converted. A further eight will be converted during the balance of the year and 17 stores will remain franchised," it said.

Sales in Australia contracted 2,8% in Australian dollar terms, with sales in comparable stores declining by 5,5%. Space in Australia grew by 0,7%.

Country Road’s South African sales are included in the South African clothing segment.

The group’s interim results are scheduled to be announced around February 16.

Shares in the company rose by 1,6% to R42,40 by 10.30am, the strongest intraday level since the shares started trading in October 1997.