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Woolworths' online food sales soar, but fashion business 'disappointing'

25 February 2021 7:41 PM
Tags:
Woolworths
Woolworths Food
The Money Show
Retail
David Jones
woolworths results
Arabile Gumede
Lockdown
COVID-19
Roy Bagattini
headline profit
interim dividend

Woolworths is not paying an interim dividend, despite strong profit increase. The Money Show interviews Group CEO Roy Bagattini.

Woolworths Holdings has released its interim Group results for the 26 weeks ended 27 December 2020.

It reported 6% growth in half-year turnover, with a 60% increase in headline profit.

However, Woolworths decided not to declare an interim dividend (from close to 90c in 2019).

Woolworths Food sales grew by almost 11%.

The online food division contributed 2.2%, jumping by over 158% with the expansion of delivery options.

A Woolworths Food store. Image: EWN

Woolworths says it's started the repositioning of its fashion business, where performance remains disappointing.

South African fashion, beauty and home sales fell by 11%.

Online sales grew by just over 118%, contributing 4% to local sales.

The economic outlook for South Africa is bleak, with the consumer under significant strain says Group CEO Roy Bagattini.

Arabile Gumede (in for Bruce Whitfield) interviews Bagattini on The Money Show.

We've come a long way... In the context it's a good performance.

Roy Bagattini, Group CEO - Woolworths Holdings

What we're particularly pleased about is the fact that we've really strengthened the balance sheet significantly.

Roy Bagattini, Group CEO - Woolworths Holdings

Woolworths is set to build on its online capabilities he says.

It's also important that the company resumes paying dividends to reward shareholders going forward.

I think online is where the consumer is and where we need to be.

Roy Bagattini, Group CEO - Woolworths Holdings

Listen to the interview with the Woolworths CEO on The Money Show:


This article first appeared on CapeTalk : Woolworths' online food sales soar, but fashion business 'disappointing'




25 February 2021 7:41 PM
Tags:
Woolworths
Woolworths Food
The Money Show
Retail
David Jones
woolworths results
Arabile Gumede
Lockdown
COVID-19
Roy Bagattini
headline profit
interim dividend

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