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Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
LEI: 37890095421E07184E97
Share code: WHL
Share ISIN: ZAE000063863
Bond Company code: WHLI
("the Group")
TRADING UPDATE AND TRADING STATEMENT IN RESPECT OF THE 52 WEEKS ENDED 29 JUNE 2025
TRADING UPDATE
GROUP
The Group's results to be reported for the 52 weeks ended 29 June 2025 (the "period") are not directly
comparable to that of the 53 weeks ended 30 June 2024 ("prior period"), due to an additional week of trade in
the prior period. The trading commentary below is based on a comparable 52-week prior period (the "prior
comparable period").
Group turnover and concession sales increased by 6.1% and by 6.8% on a constant currency basis for the period,
and by 6.4% and 7.3% in the comparable second half of the period ("H2") respectively, notwithstanding
challenging macroeconomic conditions across both geographies, and significant levels of uncertainty arising from
global trade relations.
WOOLWORTHS
In South Africa, consumer sentiment and discretionary spend remains subdued, despite moderating inflation and
interest rate cuts. Notwithstanding this constrained macro backdrop, Woolworths South Africa delivered strong
turnover and concession sales growth of 9.4% for the period, with H2 growth of 9.8%.
Within this, our leading Food business continued to deliver above-market turnover and concession sales growth
of 11.0% and 7.7% on a comparable-store basis. Price movement for the period averaged 5.3%, with positive
underlying volume growth driven by increased footfall and average basket size, supported by our ongoing
innovation and enhanced customer experience. Excluding Absolute Pets, which was acquired in the fourth
quarter of the prior period, Food sales increased by 9.2%. Sales growth in H2 was 10.6% (9.4% excluding Absolute
Pets), with price movement of 4.2%. Trading space increased by 2.4% on the prior comparable period. Our on-
demand Woolies Dash offering grew by 41.6%, with overall online sales increasing by 32.9% and contributing
6.6% to total Food sales.
Fashion, Beauty and Home ("FBH") turnover and concession sales increased by 4.7% and by 5.1% on a
comparable-store basis. Trading momentum improved throughout the period, delivering H2 sales growth of
7.0%, through improved product availability, as the product flow challenges experienced in the first half were
resolved. Price movement averaged 2.2% over the period (H2: 3.1%), incorporating Fashion inflation of 0.4% (H2:
1.4%) with positive underlying volume growth supported by higher sell-through rates. Our Beauty business
continues to gain market share, delivering excellent growth of 14.7% over the period and reaffirming Woolies as
the Beauty shopping destination in South Africa. As part of our strategy to optimise space efficiency, net trading 1
space decreased by 2.3% relative to the prior comparable period, whilst online sales increased by 22.8% and
contributed 6.6% to total FBH sales.
The Woolworths Financial Services book decreased by 2.7% on a year-on-year basis to the end of June 2025 and
increased by 0.5% when excluding the sale of part of the legal book of R1.6 billion. Disciplined focus on quality
growth resulted in additional credit of R1.9 billion granted in the second half, driven by both new accounts, as
well as credit limit increases on existing accounts. The impairment rate for the 12 months ended 30 June 2025
improved to 6.1%, compared to 7.0% in the prior period, and remains sector leading.
COUNTRY ROAD GROUP ("CRG")
Following its successful separation from David Jones, CRG completed a significant restructure during the period
to reconfigure its operating model and reset its structural economics as a standalone business. This
transformation was undertaken in an accelerated timeframe and within a particularly unconducive macro
backdrop whereby sustained pressure from high interest rates and living costs continued to impact consumer
footfall and spend. Within this context, and the resultant impact of short-term business disruption, sales declined
by 5.4% for the period and by 6.8% on a comparable-store basis. Trade performance in the fourth quarter
improved significantly, declining by a lesser 0.3% on the prior comparable period, with sales for H2 declining by
4.5%. The Country Road and Trenery brands have continued to trade ahead of the rest of the CRG brands. Trading
space decreased by 0.8%, while online sales contributed 28.6% of total sales for the period, up from 27.7% in the
prior comparable period.
The impact of a weaker topline environment coupled with diluted gross profit margins as a result of inflated
import costs and increased discounting, amplified the degree of negative operational leverage in CRG's second
half, in turn significantly impacting the Group's overall result for the period.
TRADING STATEMENT
As reported in our interim results, the Group successfully disposed of the flagship investment property in
Australia, for A$223.5 million, recognising a R792 million profit on disposal. Furthermore, it was previously
reported that we would undertake a reassessment of the carrying value of the assets of the underperforming
brands within CRG. Following this assessment, the carrying value of the assets of these select brands has been
impaired by a non-cash charge of R917 million, consequently negatively impacting the reported earnings per
share ("EPS") for the period. This is adjusted for in calculating headline EPS ("HEPS") and adjusted diluted HEPS
("adHEPS"). The weaker-than-expected performance of CRG has impacted the overall performance of the Group.
As a result of these aforementioned factors, EPS, HEPS and adHEPS for the period compared to the prior
comparable period are expected to be within the ranges reflected in the table below.
52 weeks to 52 weeks to 52 weeks to
23 June 2024 29 June 2025 29 June 2025
reported expected range expected range
(cents) (%) (cents)
EPS 277.3 -5.0% to 0% 263.4 to 277.3
HEPS 352.3 -22.0% to -27.0% 257.2 to 274.8
adHEPS 375.4 -17.0% to -22.0% 292.8 to 311.6
2
EPS, HEPS and adHEPS for the period compared to the statutory 53-week prior period are expected to be within
the ranges reflected in the table below.
53 weeks to 52 weeks to 52 weeks to
30 June 2024 29 June 2025 29 June 2025
reported expected range expected range
(cents) (%) (cents)
EPS 289.2 -3.0% to -8.0% 266.1 to 280.5
HEPS 364.2 -24.0% to -29.0% 258.6 to 276.8
adHEPS 387.2 -19.0% to -24.0% 294.3 to 313.6
CONSTANT CURRENCY INFORMATION
Constant currency information has been presented to illustrate the impact of changes in the Group's major
foreign currency, the Australian dollar. In determining the constant currency growth rate, turnover and
concession sales denominated in Australian dollars for the period have been adjusted by application of the
aggregated monthly average Australian dollar exchange rate for the prior period. The aggregated monthly
average Australian dollar exchange rate is R11.77 for the period and R12.28 for the prior period. Foreign currency
fluctuations of the Group's rest of Africa operations are not considered material and have therefore not been
applied in determining the constant currency growth rate.
The information contained in this announcement, including constant currency and pro forma information, is
presented in accordance with the JSE Limited Listings Requirements, and has not been audited, reviewed, or
reported on by the Group's external auditor. The constant currency and pro forma information is the
responsibility of the Group's directors and has been prepared for illustrative purposes only and, because of its
nature, may not fairly present the Group's financial position, results of operations or cash flows.
The Group's year-end results are expected to be released on or about 3 September 2025.
Contact:
ZaidManjra@woolworths.co.za (Group Finance Director)
JeanineWomersley@woolworths.co.za (Group Strategy and Investor Relations)
KerryBecker@woolworths.co.za (Investor Relations)
InvestorRelations@woolworths.co.za
Cape Town
31 July 2025
JSE Equity and Debt Sponsor
Investec Bank Limited
3
Date: 31-07-2025 07:05:00
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