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South Africa’s Woolworths annual sales helped by second-half improvement

JOHANNESBURG, July 26 (Reuters)South Africa’s style and grocery retailer Woolworths Holdings WHLJ.J reported on Tuesday yearly turnover rose by 1.4%, assisted by an enhanced next 50 percent of the 12 months as lockdown restrictions eased, particularly in Australia and New Zealand.

Its South African vogue beauty and residence organization grew turnover and concession product sales in the 52 weeks ended June 26 by 5.4%, supported by new winter ranges, marketplace share gains in its classes these types of as denim, and a much better performance from the relaxation of Africa, Woolworths explained in a buying and selling update.

Food stuff revenue grew by 4.2%, reflecting the return to out-of-dwelling usage, an progressively competitive grocery natural environment and very low product or service inflation across important classes, it reported.

In Australia and New Zealand, upmarket office chain David Jones and manner chain Nation Highway Team described a improved-than-anticipated rebound in revenue in the 2nd fifty percent as limitations eased in the area.

In the initial half, governing administration-enforced constraints across the area expected the closure of stores symbolizing much more than 70% of its brick-and-mortar sales base for an prolonged period of time.

David Jones’ sales grew by 4.3% in the second 50 percent, post the easing of lockdown restrictions but dipped by 2.6% for the whole yr finished June 26.

Region Highway on the other hand grew comprehensive-12 months product sales by 3.1%, “driven primarily by a strong functionality from the State Street, Trenery and Politix models, subsequent the profitable launch of new ranges and the ongoing focus on brand and solution positioning,” Woolworths explained.

(Reporting by Nqobile Dludla, Editing by Louise Heavens)

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