Woolworths Holdings - Results of Annual General Meeting and trading update
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1929/001986/06
Share code: WHL & ISIN: ZAE000063863
("Woolworths Holdings" or "the Company")
Results of Annual General Meeting and trading update
At the 2006 annual general meeting of the shareholders of Woolworths Holdings
held today, 15 November 2006, the requisite majority of shareholders approved
all of the ordinary resolutions as well as the special resolution proposed.
The special resolution will be lodged with the Registrar of Companies in due
At the meeting Simon Susman, the Chief executive officer, provided a trading
update for the seventeen weeks to October 2006, as set out below.
Trading update for the seventeen weeks to October 2006
Woolworths Holdings increased sales by 20.9% for the 17 weeks to October
2006, compared to the same period last year. Comparable store sales growth
Woolworths, clothing and home grew sales by 13.6% in total and 8.8% in
comparable stores with an average inflation rate of approximately 0.6% over
the period. Food sales grew by 26.9% in total and by 15.6% in comparable
stores with an average inflation rate of approximately 6.8% over the period.
Expansion in trading space resulted in an increase of 5.7% in clothing and
home and 13.4% in food from the prior year.
Country Road grew total sales by 12.8% in Australian dollar terms. Retail
sales grew by 23.0% in Australian dollars and by 22.1% in comparable stores
compared to the prior year.
Our in-store card, credit card and personal loan books grew by 26.4%. The net
bad debt experience on the combined books was in line with expectations.
In South Africa, consumer spending on apparel has continued to grow, but at
slightly lower rates, whilst spending on food has remained good. However,
consumer expenditure will be affected by increasing interest rates and higher
The group"s results for the half year ending 31 December 2006 are expected to
be released on SENS in mid-February 2007 and a further trading update will be
issued in January 2007.
Simon Susman (Chief executive officer) on 021 407 2700
Norman Thomson (Finance director) on 021 407 3337
Cherrie Lowe (Group secretary) on 021 407 3160
15 November 2006
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 15/11/2006 10:28:04 AM Produced by the JSE SENS Department