Woolworth to Report 30-40% Rise in Earnings

WoolworthJohannesburg – South African food and clothing retailer Woolworths expects to report a 30%-40% rise in earnings per share boosted by a one-off profit and sales in the fourth quarter showed signs of recovery.

The company said EPS in the 52 weeks to end June were expected to rise up to 40 percent versus the previous year’s 53-week period, boosted by the profit from the sale of a majority stake in its financial services division.

The company said growth in headline EPS, which strips out certain one-off, non-trading and financial items, was unlikely to exceed 5%, based on the previous period being adjusted to 52 weeks. On this basis, EPS would rise 40%-50%. ”
Excerpt from Reuters. Visit Reuters for full story.

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