• About
  • Privacy & Policy
  • Contact Us
Procurement Nation
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Cryptocurrency
  • Contact Us
No Result
View All Result
Procurement Nation
No Result
View All Result

S.Africa’s Woolworths restores dividend as profit jumps

Mark White by Mark White
August 28, 2021
in Supply Chain
0


  • HEPS jump 212.5%, adjusted HEPS up 102.9%
  • Declares dividend of 66 cents per share, down 25.8%
  • Group in much stronger financial position: CFO
  • Reduced debt significantly

JOHANNESBURG, Aug 26 (Reuters) – South African retailer Woolworths Holdings (WHLJ.J) resumed dividend payouts on Thursday after its annual profit surged and the sale of some Australian properties helped it to cut its debt.

The clothing, food and homeware retailer had been renegotiating leases, reducing capital expenditure and cutting costs to help bolster its balance sheet. It has also sold Bourke Street Mens and Elizabeth Street properties in Australia, a part of its upmarket department chain David Jones.

The group reduced net borrowings by over 10 billion rand ($668 million) to 1.1 billion rand, with a slight increase in free cash flow in the 52 weeks ended June 27, Group Financial Director Reeza Isaacs said.

“The significant reduction in our borrowings gives us greater scope in deploying our capital, one of which is resuming dividends,” Isaacs told investors.

The retailer declared a final dividend of 66 cents per share, a 25.8% decrease on the prior year’s 89 cents. It had withheld dividends at the half year stage to preserve cash.

Shares in the company traded 1.5% higher by 1015 GMT.

Its 2022 financial year capex is seen at 2.8 billion rand, up from 1.4 billion rand in 2021 as it looks to aggressively invest in technology and its supply chain.

Woolworths had sold and leased back the Australian properties for a combined 631 million Australian dollars.

The retailer said it continued to see signs of recovery from the COVID-19 fallout although consumer confidence in South Africa is still weak.

In the first seven weeks of the new financial year, sales in David Jones and clothing chain Country Road in Australia fell 26.7% and 13.4% respectively, due to the current multiple lockdowns in parts of the country.

Overall group turnover and concession sales rose by 9.7% to 85.9 billion rand. Headline earnings per share (HEPS), the main gauge of profit in South Africa, climbed more than 200% to 374.4 cents while adjusted diluted HEPS, which strips out certain items, rose by 102.9%.
($1 = 14.9601 rand)

($1 = 1.3785 Australian dollars)

Reporting by Nqobile Dludla; Editing by Christian Schmollinger and Keith Weir

Our Standards: The Thomson Reuters Trust Principles.



Source link

Previous Post

Meet the 16-year-old supplying Premier League stars with rare sneakers – CNN

Next Post

Australia shares end higher on tech, gold stocks boost

Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

Next Post
REFILE-India’s IOC buys its first cargo of Iraqi Basra Medium oil – data, source

Australia shares end higher on tech, gold stocks boost

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About
  • Privacy & Policy
  • Contact Us
Call us: +1 234 JEG THEME

© 2021 Procurement Nation - Supply Chain & Logistics News

No Result
View All Result
  • Procurement
  • Supply Chain
  • Logistics
  • Science
  • Technology

© 2021 Procurement Nation - Supply Chain & Logistics News