South Africa\u2019s Woolworths Holdings Ltd raised sales 45.4 percent to just over R58 billion for the year to June and increased headline earnings 6.1 percent to 369.7 cent per share.<\/p>\n
This as its well-heeled customers continued to shop resiliently despite tough economic times, it said in a statement on Thursday.<\/p>\n
\u201cWe believe that economic conditions in South Africa and Australia will remain constrained, especially in the lower and middle-income segments of the market. The upper-income segments in which we operate continue to show some resilience.<\/p>\n
Trading for the first eight weeks of the new financial year has been positive,\u201d said Woolworths, whose stores sell gourmet foods and high-margin clothing labels.<\/p>\n
The group, which will pay a dividend of 247 cents per share against 240 cent a year earlier \u2014 said that the transformation and integration of Australian department store David Jones, acquired in 2014, was progressing well.<\/p>\n
Woolworths reported that clothing sales and general merchandise sales grew 9.6 percent overall and four percent in comparable stores, including its high-end Country Road brand.<\/p>\n
The sales of children\u2019s wear and women\u2019s footwear also improved despite under-performing earlier in the year.<\/p>\n
Gross profit margin for clothing and general merchandise edged 0.7 percent higher to 47.4 percent.<\/p>\n
The group\u2019s food business saw sales grow 13.5 percent with sales in comparable stores up 6.6 percent. Gross profit margin grew a slight 0.4 percent to 25.7 percent.<\/p>\n
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