Retailers Woolworths and Massmart are both scheduled to release results on Thursday. In contrast to Shoprite — which on Tuesday reported headline earnings per share (HEPS) rose 12% — both are expected to report earnings declines.Woolworths warned shareholders on July 13 it expected to report headline earnings per share (HEPS) for the 52 weeks to June 25 declined by as much as 10%.Its South African food sales grew 8.6% while clothes sales grew 1.4%. Profitability suffered because food sales barely outpaced inflation of 8.4%, while clothes sales were overtaken by 6.6% inflation.Australian subsidiaries Country Road and David Jones grew sales by 5.1% and 1% respectively in Australian dollars.Walmart’s South African subsidiary Massmart has not issued a trading statement as would be required if its earnings differed by more than 20%.But Massmart did say in a sales update for the 26 weeks to end-June that its interim earnings on Thursday would show total revenue grew 0.5% to R42.5bn.Exclud...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.