2007/11/22
WHL - Woolworths Holdings - Results of annual general meeting and trading [JSE Securities Exchange - SENS]
 
WOWOW                                                                           
WHL - 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 2007 annual general meeting of the shareholders of Woolworths            
Holdings held today, 22 November 2007, the requisite majority of                
shareholders approved all of the ordinary resolutions and the two special       
resolutions proposed.                                                           
The special resolutions will be lodged with the Registrar of Companies in       
due course.                                                                     
At the meeting Simon Susman, the Chief executive officer, provided a trading    
update for the twenty one weeks to 18 November 2007, as set out below.          
Trading update for the twenty one weeks to 18 November 2007                     
Woolworths Holdings increased sales by 15.9% for the 21 weeks to 18 November    
2007, compared to the same period last year.  Comparable store sales growth     
was 9.0%.                                                                       
In Woolworths retail, clothing and general merchandise grew sales by 7.3%       
and 4.8% in comparable stores with an average inflation rate of 8.9% over       
the period.  Food sales grew by 19.7% in total and by 11.1% in comparable       
stores with an average inflation rate of 12.1% over the period.                 
By the end of the period, trading space had expanded by 7.4% in clothing and    
general merchandise and 16.1% in food, compared to the same period in the       
prior year.                                                                     
Woolworths Financial Services grew the combined books by approximately 16.5%    
compared with the same period last year.  However the growth rate has slowed    
significantly since the implementation of the National Credit Act and the       
increase in interest rates has dampened consumer demand. Net bad debts have     
deteriorated significantly since the beginning of the financial year.           
Country Road grew total sales by 28.8% in Australian dollar terms. Retail       
sales, excluding concession sales, grew by 18.7% in Australian dollars and      
by 13.5% in comparable stores compared to the prior year.                       
In South Africa, higher interest rates and increasing food prices will          
reduce consumer spending and expectations are that the growth in retail         
sales will be significantly lower than the past few years.                      
The implementation of our BEE employee share ownership scheme will reduce       
non-comparable earnings by R36 million for the half year ending December        
2007.                                                                           
The group's results for the half year ending December 2007 are due to be        
released on SENS in mid-February 2008 and a further trading update will be      
issued in January 2008.                                                         
Contact:                                                                        
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                                  
Cape Town                                                                       
22 November 2007                                                                
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 22/11/2007 10:53:07 Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          
Source: JSE Securities Exchange - SENS
 
DISCLAIMER: http://www.mcgbfa.com/disclaimer.htm
 
Email
 
Print