Retail group Woolworths said on Friday that it expects earnings to drop by as much as 70% in the full year to end-June citing the impact of the pandemic and a change in accounting standards. 

Headline earnings per share (Heps) are expected to have dropped by between 60% to 70%, or between 102.9c to 137.2c, in the 52 weeks to June 28. This was also impacted by the adoption of the International Financial Reporting Standards (IFRS) 16 standards.

Earnings per share is expected to have fallen to between 50c and 70c from 113c in the comparable period.

The group said the effect of Covid-19, which has weighed on the retailer’s performance in the second-half of the financial year, is expected to continue for the rest of the year. 

Woolworth’s full year results are due in September.


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