S.Africa's Woolworths H1 sales rise 55%, shares up - CNBC Africa

S.Africa's Woolworths H1 sales rise 55%, shares up


by Reuters 0

South African high-end retailer Woolworths Holdings reported a 55 per cent jump in sales over the first half of the year.

This was after receiving a boost from its acquisition of Australian department store David Jones.

[DATA WHL:Woolworths], which sells products similar to those of Britain's Marks and Spencer, said that without including the impact of David Jones, whose acquisition was effective in August 2014, group sales grew by 12.5 per cent.

Clothing sales in its home market rose by 9.4 per cent, food increased by more than 14 percent and general merchandise was up 8.3 per cent in the 26 weeks to December 28.

Other South African retailers also reported growth in revenue this week. [DATA MSM:Massmart Holdings], the South African unit of Wal-Mart Stores Inc, said on Wednesday annual sales had risen over 10 per cent.

[DATA SHP:Shoprite Holdings] said sales grew 12.5 per cent in the six months to end-December after a strong festive season performance.

Woolworths shares were up 3.7 per cent at 78.47 at 0750 GMT.