Woolworths Holdings Limited - Trading Update

Woolworths Holdings Limited - Trading Update                                    
WOOLWORTHS HOLDINGS LIMITED - TRADING UPDATE                                    
Registration number 1929/001986/06                                              
ISIN: ZAE000028288                                                              
JSE Code: WHL                                                                   
("Woolworths")                                                                  
TRADING UPDATE READ BY THE CHAIRMAN AT THE ANNUAL GENERAL MEETING HELD ON 4     
NOVEMBER 2004                                                                   
The consumer boom in South Africa continues, driven by low interest rates, the  
rapidly emerging black population, rising house prices and high levels of       
business confidence.                                                            
Woolworths sales for the four months to date have met expectations with pleasing
volume growth and inflation in clothing and food under 3%, significantly below  
the levels experienced for the comparable period last year.                     
The major contributor to the performance in the clothing division remains       
ladieswear with improvements in menswear and childrenswear expected in the      
winter season. Our policy of local sourcing remains under challenge as the      
strong rand continues to put pressure on the South African clothing and textile 
industry.                                                                       
Homeware has sustained its growth pattern with more competitive entry price     
points, innovation and improved displays in stores.                             
Our food business is performing well and continues to gain market share, despite
significantly lower levels of inflation compared to the same period last year.  
Our modernisation programme continues with a third of our chain now upgraded.   
The financial services books are growing significantly ahead of the first       
quarter last year and bad debt levels remain low. We are projecting that bad    
debt levels both now and in the future remain at very acceptable levels.        
The relaunch of the Country Road brand was well received by customers and       
trading for the season to date was more positive.  Increased fashionability and 
colour, a 20% reduction in weighted average price across apparel lines, a more  
efficient supply chain and shorter lead times all contributed to double-digit   
growth in unit sales.  Retail sales grew by 6.5% in the quarter.                
Both Woolworths and Country Road are positioned to deliver good earnings growth 
for the half and full year.                                                     
A further trading update will be released in early January 2005.  Woolworths    
interim results for the 26-week period to 26 December 2004 are expected to be   
announced on or about 14 February 2005.                                         
Contact:                                                                        
Simon Susman   Contact number:     (021) 407-2700                               
Norman Thomson Contact number:     (021) 407-3337                               
Cape Town                                                                       
4 November 2004                                                                 
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited) CORPORATE FINANCE     
Date: 04/11/2004 03:40:30 PM Supplied by www.sharenet.co.za                     
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