Woolworths CEO confident that right strategies are in place
Fin24 - Feb 21st, 13:44
Woolworths Holdings announced results for the 26 weeks ended 23 December 2018.
Group sales for the first 26 weeks of the 2019 financial year were R39.4bn, an increase of 1.9%, and profit before tax was R2.6bn compared to a loss of R4.1bn in 2018.
Adjusted profit before tax of R2.7bn was down 9.2%, with headline earnings per share down 2.9% to 200.4cps. Earnings per share increased to 197.5cps.
Group CEO Ian Moir said in a statement that, "despite challenging economic and trading conditions in both South Africa and Australia, our businesses maintain their leadership positions in each of their markets".
"Our Woolworths Foods business again delivered a market-leading performance and the Country Road Group delivered a strong result, both in term of sales and profit," said Moir.
"David Jones saw growth over the period, despite significant disruption during the ongoing renovation of our Elizabeth Street flagship store, and we are starting to see encouraging signs of a turnaround in Woolworths Fashion, Beauty and Home."
Moir is confident that the right strategies are in place to address the significant cyclical and structural changes taking place in retail, and said the focus is on the execution necessary to deliver a future-fit business capable of long term, profitable growth.
The board has declared an interim cash dividend of 92 cents per share.
By early morning trade on Thursday, Woolworths shares were trading down 2.55% at R44.34 per share.Fin 24
Food and beverages giant PepsiCo makes offer to acquire Pioneer Foods
19/07/2019 - 10:18
In a vote of confidence about SA’s long-term prospects, New York-based food and beverages giant PepsiCo has made an offer to buy Pioneer Food Group, which makes Sasko breads and Ceres juices, in a deal worth at least R25.4bn.
AB InBev offloads Australian unit for $11.3bn
19/07/2019 - 09:03
Anheuser-Busch InBev (AB InBev), which shelved plans to list its Asia Pacific business in Hong Kong, said it will sell Australian subsidiary Carlton & United Breweries (CUB) to Japan’s Asahi Group for about $11.3bn (R157bn).
SAFW competitions offers entry into fashion industry
19/07/2019 - 08:41
It opened the door for David Tlale to showcase his designs at New York Fashion Work, Mmuso Maxwell to supply his garments to retail giant Woolworths and Clinton Lotter to take his work to the UK. Now, South African Fashion Week (SAFW) is once again looking to grow the fashion and creative industry by opening it to emerging designers.
US retail sales rise as households spend more
18/07/2019 - 14:16
US retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the hit on the economy from weak business investment.
Refinery celebrates diversity with new fashion campaign
18/07/2019 - 11:39
Local fashion retailer Refinery is set to make waves across the local industry with its new spring campaign which embraces diversity, encouraging others to be unashamedly, authentically themselves.