Woolworths in the red
The impairment of its Australian department store chain David Jones means Woolworths will report a loss.
Woolworths released a trading update ahead of the release of its 2018 results (due out on 23 August), in which it warned that a loss per share in the range of R3.40 to R3.97 should be expected. Meanwhile, headline earnings per share (HEPS), which exclude the roughly R7 billion impairment of David Jones, will fall by up to 20 percent.
Woolworths said that 2018 has been a “difficult year for the group, as we contended with extremely challenging trading conditions in SA and Australia, as well as poor product execution in some areas of womenswear".
Pictured: Reeza Isaacs, Finance Director Woolworths Holdings and 2016 CFO of the Year