Woolworths headline earnings will be at least 25% higher for its year to June 25 as it sold struggling Australian department store David Jones during the period.
The 2023 financial year figures include David Jones earnings for nine months compared to a period for 12 months.
Woolworths sold David Jones for an undisclosed minor sum, that the retailer’s CEO Roy Bagattini had promised to disclose when the sale is complete.
The headline earnings will be 25.0%-35.0% higher at 498.6c-538.5c.
JSE-listing rules require companies to tell the market as soon as it know earnings will be at least 20% higher or lower than the prior period.
Under CEO Bagattini and clothing head Manie Maritz, its fashion, beauty and home business has also begun to turn around with more full price sales and fewer promotions
Its food business has among the highest operating profit of all the retailers globally at about 7%, even as it cuts prices of chicken and some goods to attract constrained consumers.
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