South Africa’s Woolworths warns annual profits could fall by 70%

South African retailer Woolworths said on Friday its profits for the 52weeks to June 28 could plunge by as much as 70% due to the impact of the coronavirus crisis, high tax rate, and adoption of IFRS 16 accounting standards.

  • Reuters
  • Last Updated: August 14, 2020, 12:39 PM IST

JOHANNESBURG South African retailer Woolworths said on Friday its profits for the 52-weeks to June 28 could plunge by as much as 70% due to the impact of the coronavirus crisis, high tax rate, and adoption of IFRS 16 accounting standards.

Woolworths said its headline earnings per share (HEPS) – the main profit measure in South Africa- would fall by between 60% and 70% compared to the 342.9 cents it reported a year earlier.

The owner of David Jones in Australia also impaired the carrying value of certain store assets, which will only negatively impact earnings per share and not HEPS.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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