South Africa based largest retailer Woolworths announced the financial results for the twelve months to June 2005. the sale up by 15.7% compared to the same period last year. Comparable store sales growth was 9.8%, says the company.
Clothing and Home grew sales by 11.6% in total and 8.3% in comparable store sales with an average deflation rate of approximately 1% over the period.
Food sales grew by 19.5% in total and by 11.4% in comparable store sales with an average inflation rate of approximately 3% over the period.
Sales for the Australian subsidiary Country Road were 9% higher in Australian dollar terms compared to the same period last year with unit sales growth in excess of 30%.
Margins at Country Road have been impacted by significant one-off costs associated with the transition to the new design processes and timetable, as well as higher markdowns taken to clear winter stocks following an unseasonably warm winter. Country Road's profit is expected to be in line with last year, the group said.
Woolworths is expected to release its full year results on 25 August.
The company's share price was unchanged on the news, last quoted on the JSE at 10.50 rand, with 147,221 shares having changed hands over the morning so far.
Woolworths (Proprietary) Limited is a respected retail chain of stores offering a selected range of clothing, homeware, food and financial services under its own brand name. The company sells a wide range of apparel, foods and homeware.
Today, Woolworths is one of only a handful of major retailers throughout the world operating with a "single brand" philosophy and the only store of its kind in South Africa offering textiles, food, homeware and financial services under its own brand name.
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