| Woolworths delivers resilient results in a tough macro environment and maintains a 70% dividend payout Woolworths Holdings Limited (WHL) delivered a resilient result in its core Woolworths South Africa business, notwithstanding the challenging macro environment and a high prior-year base. |
| HIGHLIGHTS: |
| On a 52-week comparable basis for continuing operations*: |
- Turnover and concession sales increased 4.3% to R76.4 billion
- Final dividend of 117.5 cents per share declared, taking total dividend to 265.5 cents per share – maintaining 70% dividend payout
- Return on capital employed 18.7%, well above cost of capital
- Woolworths South Africa delivered solid result, with turnover growth of 6.7% and operating profit growth of 5.9%, above inflation; includes positive contribution from Africa business
- Woolworths Food delivers stand-out performance with highest like-for-like sales growth in sector and double-digit profit growth
- Ongoing investment in price and intensified focus on customer has further strengthened the trust placed in the brand
- Acquisition of Absolute Pets successfully completed, and accretive from Day 1, positioning Woolworths to be the pet care destination of choice in South Africa
- Woolworths’ on-demand delivery platform ‘Woolies Dash’ achieved impressive sales growth of 71.2%
- Continued progress against strategies is driving improved operational and financial health of Group’s businesses, notwithstanding challenging macro-economic environment
- Strong balance sheet further bolstered by transformational sale of David Jones, providing firepower to accelerate growth initiatives across number of newer categories, formats and adjacencies
- Re-investing R10bn over three years in support of strategic initiatives
- Multiple awards and acknowledgement for sustainability initiatives, including Brand Africa’s award for most admired African brand for doing good for society, people and the environment
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| * To facilitate year-on-year comparison on a 52-week basis, this media release is focused on the pro forma 52-week financial information for continuing operations. The Group results are for the 53 weeks ended 30 June 2024, and not directly comparable to the 52 weeks ended 25 June 2023. Additionally, as previously reported, the Group disposed of David Jones in Australia during the 3rd quarter of the 2023 financial year. |
| Commenting on the results, WHL Group CEO, Roy Bagattini said: |
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Woolworths Holdings Limited
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