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WHL - Woolworths Holdings Limited - Trading update for the 52 weeks ended 27 June 2010 and trading statement 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 52 WEEKS ENDED 27 JUNE 2010 AND TRADING STATEMENT TRADING UPDATE Woolworths Holdings group sales increased by 10.5% for the 52 weeks to 27 June 2010 ("the period") compared to the same period last year. Comparable store sales growth for the period was 5.7%. Sales Comparable Price Growth in growth stores sales movement space 52 weeks growth to 27 June
SA Retail 10.4% 6.1% Woolworths 11.2% 6.7% 8.9% 4.8% - Clothing and general merchandise Woolworths 9.9% 5.6% 5.2% 3.7% - Food Country Road AU$ 8.5% 1.5% 7.7% Group 10.5% 5.7% Woolworths Financial Services ("WFS") closing debtors` books at June 2010 were 1.3% down against June 2009 (2009: up 6.4%). Bad debts were well controlled, with an impairment charge as a percentage of average gross receivables of 5.1% (2009: 7.4%). TRADING STATEMENT As outlined in the trading statement released on 19 May 2010, the group anticipated that headline earnings per share ("HEPS") for the period would be more than 20% higher than the corresponding reporting period of the previous year ("last year"). We now estimate that HEPS will be between 45% and 55% higher than last year. The impact of the unrealised foreign exchange loss of R57m (after tax) recognised in the income statement for the year ended 30 June 2009, has unwound in full in the period. In addition, the prior year was negatively impacted by a R75m STC charge on the special dividend paid in December 2008. We estimate that earnings per share ("EPS") for the period will be at a similar level to last year despite the profit of R380m earned on the disposal of a portion of Woolworths Financial Services business included in the results of last year. The significant difference between HEPS and EPS relates primarily to the R380m profit referred to above. Earnings during the year were positively impacted by:- i. the growth in Clothing and General Merchandise margins which met our 3 year target, a year earlier; and ii. a lower effective tax rate which will not be repeated next year. Country Road Limited (CTY) has released a trading update on the Australian stock exchange estimating that the full year profit for the period will be between 15% and 20% down on last year. Shareholders are advised that the financial information contained in this announcement has not been reviewed or reported on by the group`s external auditors. The group`s results for the full year ending 27 June 2010 are due to be released on SENS on or about 26 August 2010. Contact: Simon Susman (Chief executive officer) on 021 407 2700 Norman Thomson (Finance director) on 021 407 3337 Cherrie Lowe (Group secretary) on 021 407 3160 Cape Town 21 July 2010 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 21/07/2010 09:14:26 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.
