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Retail

South Africa's Woolworths Annual Sales Helped By Second-Half Improvement

South Africa's fashion and grocery retailer Woolworths Holdings said on Tuesday annual turnover rose by 1.4%, helped by an improved second half of the year as lockdown restrictions eased, especially in Australia and New Zealand.

Its South African fashion beauty and home business grew turnover and concession sales in the 52 weeks ended June 26 by 5.4%, supported by new winter ranges, market share gains in its categories such as denim, and a stronger performance from the rest of Africa, Woolworths said in a trading update.

Food sales grew by 4.2%, reflecting the return to out-of-home consumption, an increasingly competitive grocery environment and low product inflation across key categories, it said.

Rebound In Sales

In Australia and New Zealand, upmarket department chain David Jones and fashion chain Country Road Group reported a better-than-expected rebound in sales in the second half as restrictions eased in the region.

In the first half, government-enforced restrictions across the region required the closure of stores representing more than 70% of its brick-and-mortar sales base for an extended period.

David Jones' sales grew by 4.3% in the second half, post the easing of lockdown restrictions but dipped by 2.6% for the full year ended June 26.

Country Road on the other hand grew full-year sales by 3.1%, "driven primarily by a strong performance from the Country Road, Trenery and Politix brands, following the successful launch of new ranges and the ongoing focus on brand and product positioning," Woolworths said.

Read More: South Africa's Woolworths Sees H1 Profit Drop, Resumes Dividend

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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