WHL - Woolworths Holdings - Results of annual general meeting and trading
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
The special resolutions will be lodged with the Registrar of Companies in
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
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
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
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.
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
22 November 2007
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 22/11/2007 10:53:07 Produced by the JSE SENS Department.
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