Shares in Woolworths surged nearly 6% on Thursday after it flagged a more than two-thirds jump in its earnings, with the group reporting some success in passing on higher prices to customers, who have also returned to its physical stores in Australia after trade was hobbled by strict Covid-19 restrictions.
Group turnover and concession sales rose 18.5% in reported terms in the six months to 25 December, Woolworths said in a trading update, adding that it had seen"strong" Black Friday and festive season trade towards the end of its half-year. Headline earnings per share are expected to rise in a range of 70% to 80%.
Analysts described the update as positive, and in early trade shares in Woolworths were up 5.74% to R74.02, having now risen by more than a third over the past year.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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