Woolies share price slides as it flags earnings drop

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Largely due to the once-off benefit from the sale of its David Jones business in Australia during the last financial year.

Cape Town-headquartered retailer Woolworths saw its share price fall by around 7% on Thursday morning, following the group updating the market that it expects a significant drop in headline earnings for the full year ended 30 June 2024.

“The earnings per share, headline earnings per share, and adjusted diluted headline earnings per share for the current period are expected to be more than 20% lower … in part as a result of the inclusion of the David Jones business, as well as the profit on disposal, in the group’s 2023 results,” it pointed out.

In the most recent statement, the retailer confirmed that trading conditions in the second half have proven tougher than expected for our apparel businesses, with further deterioration in footfall and discretionary spending in both geographies.

 

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