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Woolworths has blamed slower sales on load shedding and unseasonal weather.
Yesterday morning Woolworths released a trading update for the 26 weeks to December 29, and warned that its headline earnings will drop by between 15 percent to 20 percent when it releases its full results next month.
This is despite an 8 percent increase in Woolworths food sales in South Africa – for comparable stores, sales grew by more than 5 percent.
Prices of Woolworths food products were 5 percent higher than last year.
Sales of its local fashion, beauty and home products grew by only 0,9 percent, with clothing prices up 4 percent.
“In South Africa, the constrained economic environment, exacerbated by the disruption to trade caused by power outages and unseasonal weather in parts of the country, contributed to slower December trade,” Woolworths said in a statement. — fin.24.com.
Online Reporter