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Woolworths earnings plummet, but SA food business shows strong growth

17 September 2020 8:58 PM
Tags:
Woolworths
The Money Show
Bruce Whitfield
Retail
David Jones
Dividend
Lockdown
COVID-19
headline earnings per share
lockdown restrictions
headline earnings
Roy Bagattini
annual financial results

Woolworths Holdings has released its annual financial results. Bruce Whitfield interviews Group CEO Roy Bagattini.

Woolworths Holdings says the Covid-19 pandemic’s toll on its overall business deepened in the second half of its financial year.

The retailer reported a 54.5% drop in adjusted profit before tax to R2.2 billion for the 52 weeks ended 28 June.

Headline earnings per share dropped over 65% and total dividend per share fell more than 53%.

A Woolworths Food store. Image: EWN

Bruce Whitfield interviews Roy Bagattini, who returned to South Africa to take up the Group CEO position in February.

I don't think one could have contemplated what we've been through over the last several months!

Roy Bagattini, Group CEO - Woolworths Holdings

And by coming into a business in trouble in the midst of a national and global crisis, has it given you more leeway perhaps to be a bit more forceful than a CEO might ordinarily be in the first couple of months of taking over?

Bruce Whitfield, The Money Show host

Certainly it brings into stark focus the vulnerabilities and the areas that one has to get after. Covid for us has, in some ways, accelerated and even accentuated the things that I think we need to address if we are going to turn this phenomenal business around.

Roy Bagattini, Group CEO - Woolworths Holdings

Bagattini says in South Africa, Woolworths benefited from the spike in food sales as people stockpiled supplies during the pandemic.

Whitfield asks about the retailer's particularly troubled David Jones portfolio in Australia.

It's been a very painful journey... Some of the overarching objective here is how do we extract value out of those investments going forward...

Roy Bagattini, Group CEO - Woolworths Holdings

Hear more about the Woolworths strategy going forward on The Money Show:


17 September 2020 8:58 PM
Tags:
Woolworths
The Money Show
Bruce Whitfield
Retail
David Jones
Dividend
Lockdown
COVID-19
headline earnings per share
lockdown restrictions
headline earnings
Roy Bagattini
annual financial results

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