UPDATE 2-Woolworths sees annual profit hit, writes down Australian business [Reuters]
WOOLWORTHS HLDGS S/ADR (WLWHY)
NASDAQ:AMEX Investor Relations:
woolworthsholdings.co.za/governance/investor_relations.asp
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Source: Reuters
UPDATE 2-Woolworths sees annual profit hit, writes down Australian business * Impairs David Jones further by $299 mln * Value of David Jones now at $661 mln * Expects loss per share of between 92.4 cents and 129.3 cents * HEPS excludes write down * HEPS seen either down by 3.5% or up by 1.5% * (Adds detail) By Nqobile Dludla JOHANNESBURG, Aug 1 (Reuters) - South Africa’s Woolworths Holdings expects annual earnings to decline and has written down the value of its David Jones business, which is struggling to contend with subdued consumer spending in a slowing Australian economy. The food and clothing group paid a big premium to bulk up in Australia via David Jones as part of Chief Executive Ion Moir’s ambitions to turn Woolworths into a leading southern hemisphere retailer, but faced delays in overhauling the business. The write-down, the second since 2018, frames a bleak picture for department store operators around the world as shoppers opt for broader product ranges from global onlin
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