Woolies sees increased sales

Woolworths, in a recently released trading update, has said that its sales are up 6.7% compared to the previous year. The retailer’s clothing and merchandise, and food sales grew by 3.5% and 9.5% respectively, although David Jones’ sales growth dropped 2.7% and Country Road 1.1%. Woolworths attributed this decline to the timing of Boxing Day this year, which fell on a Monday.

According to the group, earnings per share for the period ending 25 December 2016 are looking to be higher than the previous year. This is due to the profit from the disposal of its David Jones Market Street property in Sydney. Growth in headline earnings per share is, however, expected to be negative, it said.

The group will announce its interim financial results on 16 February 2017.

Pictured: Reeza Isaacs, Woolworths CFO