Streaming issues? Report here
Lester Kieviet 2019 1500 BW 2 Lester Kieviet 2019 1500 BW 2
The Midday Report with Lester Kiewit
12:00 - 13:00
volume_up
volume_mute

Up Next: Lunch with Pippa Hudson
See full line-up
The Midday Report with Lester Kiewit
12:00 - 13:00
Home
arrow_forward
Business

Woolworths earnings plummet, but SA food business shows strong growth

17 September 2020 8:58 PM
Tags:
Woolworths
The Money Show
Bruce Whitfield
Retail
David Jones
Dividend
Lockdown
COVID-19
headline earnings per share
lockdown restrictions
headline earnings
Roy Bagattini
annual financial results

Woolworths Holdings has released its annual financial results. Bruce Whitfield interviews Group CEO Roy Bagattini.

Woolworths Holdings says the Covid-19 pandemic’s toll on its overall business deepened in the second half of its financial year.

The retailer reported a 54.5% drop in adjusted profit before tax to R2.2 billion for the 52 weeks ended 28 June.

Headline earnings per share dropped over 65% and total dividend per share fell more than 53%.

A Woolworths Food store. Image: EWN

Bruce Whitfield interviews Roy Bagattini, who returned to South Africa to take up the Group CEO position in February.

I don't think one could have contemplated what we've been through over the last several months!

Roy Bagattini, Group CEO - Woolworths Holdings

And by coming into a business in trouble in the midst of a national and global crisis, has it given you more leeway perhaps to be a bit more forceful than a CEO might ordinarily be in the first couple of months of taking over?

Bruce Whitfield, The Money Show host

Certainly it brings into stark focus the vulnerabilities and the areas that one has to get after. Covid for us has, in some ways, accelerated and even accentuated the things that I think we need to address if we are going to turn this phenomenal business around.

Roy Bagattini, Group CEO - Woolworths Holdings

Bagattini says in South Africa, Woolworths benefited from the spike in food sales as people stockpiled supplies during the pandemic.

Whitfield asks about the retailer's particularly troubled David Jones portfolio in Australia.

It's been a very painful journey... Some of the overarching objective here is how do we extract value out of those investments going forward...

Roy Bagattini, Group CEO - Woolworths Holdings

Hear more about the Woolworths strategy going forward on The Money Show:


This article first appeared on 702 : Woolworths earnings plummet, but SA food business shows strong growth


17 September 2020 8:58 PM
Tags:
Woolworths
The Money Show
Bruce Whitfield
Retail
David Jones
Dividend
Lockdown
COVID-19
headline earnings per share
lockdown restrictions
headline earnings
Roy Bagattini
annual financial results

More from Business

Happy family dancing 123rf

How to get or update a will at no cost (this week only) – it’s an act of love

27 October 2020 10:49 AM

It’s National Wills Week – you have until Friday (30 October) to get a professional to draw up or update your will at no charge.

Share this:
Read More arrow_forward

Cell tower wireless internet 123rf

Cell C shutting down? Not quite - you will still get service through MTN towers

27 October 2020 7:33 AM

It is being widely reported that the service provider is shutting down, but Tech guru Brendon Petersen says it is not that clear cut.

Share this:
Read More arrow_forward

Time coins money pexels

How to optimise cash flow and reduce interest charges

26 October 2020 8:09 PM

Absa’s working capital management solutions help businesses successfully manage their cashflows and working capital.

Share this:
Read More arrow_forward

Happy child kid face mask facemask covid-19 123rf

[BOOK REVIEW] The future arrived early - economist Dr Iraj Abedian

26 October 2020 7:34 PM

Famed economist Dr Iraj Abedian talks about his book, "FutureNEXT: Reimagining Our World and Conquering Uncertainty”.

Share this:
Read More arrow_forward

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Middleclass incomes have recovered almost fully since hard lockdown – FNB data

26 October 2020 7:13 PM

The lowest and highest-paid workers in SA haven’t yet recovered from the lockdown, according to FNB's Dr Christoph Nieuwoudt.

Share this:
Read More arrow_forward

Empty piggy bank broke 123rfbusiness 123rf

Famous Brands (owner of Steers/Wimpy/etc.) reports its 1st ever operating loss

26 October 2020 6:52 PM

The Money Show’s Bruce Whitfield interviews Famous Brands CEO Darren Hele.

Share this:
Read More arrow_forward

Lockdown levels South Africa Covid-19 coronavirus 123rf

'Another hard lockdown will cause even more state violence'

26 October 2020 6:27 PM

Futurist Graeme Codrington and economist Dick Forslund on how a 2nd hard lockdown and a 2nd Covid wave might affect our country.

Share this:
Read More arrow_forward

Khayelitsha Western Cape 123rf

Khayelitsha businesses and residents in the 'grip of a handful of thugs'

26 October 2020 12:20 PM

Khayelitsha Development Forum chair Ndithini Thyido says 'enough is enough' to these protection rackets targeting the community.

Share this:
Read More arrow_forward

train-widejpg

Consumer goods sector is consolidating - and supply chains are de-globalising

23 October 2020 2:19 PM

The pandemic has hastened much-needed consolidation and made clear the value of bringing supply chains closer to home.

Share this:
Read More arrow_forward

Procrastination procrastinator lazy office worker wasting time on phone 123rf

Are you a 'cyber-slacking' procrastinator? Tech can help! We’re not being ironic

23 October 2020 1:22 PM

Are you always on your phone, procrastinating? There’s an app for that, says USB productivity researcher, Sam Orton.

Share this:
Read More arrow_forward