S.AFRICA: Woolworths Holdings Expects David Jones To Boost FY Profit

Woolworths Holdings has offered a strong forecast for full-year profit growth, helped in part by the improved performance of its David Jones chain in Australia.

The group said it expects profit for the year ending June 2016 to grow by 15%-25% year-on-year.  Overall sales, excluding David Jones, were up 16.4% in the period.

At the David Jones chain, sales were up 8.4% (in Australian dollar terms) while like-for-like sales were up 7%. Sales at the Country Road Group (which includes the Witchery and Mimco brands) were up 5.5% but LFL sales declined by 3.9%.