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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 26 WEEKS ENDED 28 DECEMBER 2025
This announcement provides an update on the Group's trading performance for the 26 weeks ended
28 December 2025 (the "period") over the comparable 26 weeks ended 29 December 2024 (the "prior period").
TRADING UPDATE
GROUP
Group turnover and concession sales for the period grew well above inflation, at 5.4%, and by 6.1% on a constant
currency basis, with positive sales growth in all segments of the business, notwithstanding the constrained
macroeconomic environment across both South Africa and Australia.
WOOLWORTHS
Woolworths South Africa delivered above-market turnover and concession sales growth of 6.8% for the period,
despite relatively subdued consumer confidence and spend.
Within this, our Food business continued to deliver strong turnover and concession sales growth of 7.0% and
5.2% on a comparable-store basis, with consistent month-on-month market share gains and positive underlying
volume growth, supported by the continued focus and investment in our premium food offering and overall
customer experience. Sales growth moderated to 5.3% in the last seven weeks, with price movement steadily
declining and averaging 4.6% for the half. Revenue through Woolies Dash grew by 23.0%, with the online channel
now contributing 7.2% to SA Food sales. Net trading space increased by 4.3% (weighted basis: 1.8%) on the prior
period. The successful expansion of the Midrand distribution centre ("DC") is well progressed, albeit impacting
the near-term gross profit margin given the increased depreciation arising from this significant investment.
Fashion, Beauty and Home ("FBH") turnover and concession sales increased by 6.2% and by 6.4% on a
comparable-store basis, supported by improved product availability as a result of our transformational value
chain initiatives. This momentum was maintained over Black Friday and the festive season, with sales growth of
6.1% in the last seven weeks of the period, implying encouraging market share gains over the half and positive
underlying volume growth. Price movement averaged 2.8% over the period. This incorporated Fashion inflation
at 1.3%, resulting from our price investment in Kidswear and the clearance of excess inventory emanating from
the prior period's DC transition. This impacted GP margin in the period. Our Beauty and Home businesses
delivered stronger growth of 8.9% and 14.0%, respectively. The ongoing initiative to optimise space and
efficiency metrics, resulted in net trading space decreasing by a further 1.9% relative to the prior period, whilst
online sales contributed 6.2% to SA FBH sales.
The Woolworths Financial Services book increased by 1.8% on a year-on-year basis to the end of December 2025,
and increased by 2.6% when excluding the sale of part of the legal book. This was driven through disciplined
focus on quality growth through both new accounts as well as credit limit increases on existing accounts. The
annualised impairment rate for the six months ended 31 December 2025 was 6.4% and remains sector leading.
COUNTRY ROAD GROUP ("CRG")
Although trading conditions in Australia and New Zealand appear to be gradually improving, the retail sector
remains challenging and highly promotionally driven.
CRG sales increased by 2.3% for the period and by 2.5% on a comparable-store basis. The Country Road, Witchery
and Politix brands traded ahead of the prior period, benefiting from the repositioning of the brand portfolio and
the successful restructuring of CRG's operating model, which continues to be further embedded in the business.
Following a strong Black Friday and Cyber Monday trading period in November, Australia's December retail
trading performance proved softer than anticipated. As a result, CRG's sales growth averaged 1.0% for the last
seven weeks of the period. Net trading space increased by 0.2% on the prior comparable period, with the online
contribution to sales broadly unchanged at 27.2%.
TRADING STATEMENT
The inclusion of the profit on the sale of the Bourke Street property in the prior period, has negatively impacted
the year-on-year growth rate for the current period's earnings per share ("EPS") by virtue of base effect. This
profit on sale, as it relates to the prior period, was adjusted for in calculating headline EPS ("HEPS") and adjusted
diluted HEPS ("adHEPS"). The calculation of adHEPS further reflects the once-off costs related to the restructure
of CRG's operating model in the prior period, as well as unrealised forex losses in the current period (vs. a gain
in the prior period). Accordingly, EPS, HEPS and adHEPS for the period compared to the prior period are expected
to be within the ranges reflected in the table below.
26 weeks to 26 weeks to 26 weeks to
29 December 2024 28 December 2025 28 December 2025
reported expected range expected range
(cents) (%) (cents)
EPS 245.4 -35.0% to -30.0% 159.5 to 171.8
HEPS 152.8 7.0% to 12.0% 163.5 to 171.1
adHEPS 169.1 -2.0% to 3.0% 165.7 to 174.2
The Group's previously communicated share buyback programme commenced in September 2025, with
6.9 million shares repurchased in the period, at a weighted average share price of R51.23.
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 R11.40 for the period and R11.87 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, changes in equity, results of operations or cash
flows.
The Group's interim results for the period are expected to be released on or about Wednesday, 4 March 2026.
Contact:
ZaidManjra@woolworths.co.za (Group Finance Director)
JeanineWomersley@woolworths.co.za (Group Strategy and Investor Relations)
InvestorRelations@woolworths.co.za
Cape Town
29 January 2026
JSE Equity and Debt Sponsor
Investec Bank Limited
Date: 29-01-2026 07:05:00
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