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WHL - Woolworths Holdings - Trading Update For The 53 Weeks Ended 30 June 2008 Woolworths Holdings Limited (Incorporated in the Republic of South Africa) Registration number: 1929/001986/06 Share code: WHL & ISIN: ZAE000063863 ("Woolworths Holdings" or "the group") TRADING UPDATE FOR THE 53 WEEKS ENDED 30 JUNE 2008 Trading conditions in the second half have deteriorated substantially with a further decline in consumer spending as a result of additional interest rate hikes and increases in fuel and food prices. Middle and upper middle income consumers have felt the pinch of the current economic conditions particularly strongly. This is the heartland of the Woolworths customer. We have accordingly adjusted our opening price point offer and given our continuing insistence on quality, our range now is extremely competitive. The year ended 30 June 2008 had 53 trading weeks compared to the 52 weeks in last year. Sales performance by the retail operations of the group during the period was as follows: Sales growth Comparable Average for 30 June store sales inflation 2008 growth
53 52 53 52 weeks weeks weeks weeks vs 52 vs 52 vs 52 vs 52 Woolworths retail 13.3% 11.4% 7.3% 5.3% Clothing and general 6.1% 4.4% 3.1% 1.6% 8.5% merchandise Food 18.8% 16.7% 9.9% 7.8% 13.1% Country Road (A$) 21.9%* 21.9% 8.4%* 8.4% Total group 15.5% 13.7% 8.3% 6.5% * Country Road did not have a 53 week year. Trading space in Woolworths retail increased by 4.8% in clothing and general merchandise, and 14.4% in food at the end of June 2008, compared to the prior year. Woolworths Financial Services` combined debtors` books at June 2008 were flat against June 2007, although the average books for the year were 12.6% higher than the average for 2007. Interest yields increased to 23.5% (2007: 19.9%) and net bad debt expressed as a percent of the gross book, increased to 7.9% (2007: 4.9%). There are some early indications that bad debt may have peaked. At the time of the interim results, management undertook to reduce cost growth for the second half and was successful in achieving this. The Australian operation, Country Road, has shown resilience to the global slowdown, returning record profits. Growth in profit before tax and non-comparable items in the second half is expected to be positive. Headline earnings per share ("heps") are adversely impacted by a R50million non- comparable IFRS2 charge relating to the group`s broad based BEE scheme and an increase in the effective tax rate of 8% as a result of the effect of last year`s recognition of the deferred tax asset in Country Road and of STC on share repurchases. On 17 July 2008, the South African Competition Authorities approved, without any conditions, the acquisition by Absa of a 50% plus one ordinary share of Woolworths Financial Services (Proprietary) Limited. It is anticipated that the remaining conditions precedent will have been met by 31 August 2008. The above information has not been reviewed or reported on by the group`s auditors. The group`s financial results for the 53 weeks to 30 June 2008 are scheduled to be released on 21 August 2008. Cape Town 18 July 2008 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 18/07/2008 13:01:56 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
