Woolworths Research

Woolworths (WHL) 1H24 – Results Snapshot

Diluted HEPS (continuing operation) of 201cps (-7.1% y-y).
Turnover and concessions sales up 5.4% y-y (4.4% y-y in constant currency).
GPM decreased from 37.1% to 36.7%, as CRG margins dropped by 140bps. Food GPM improved by 80bps and FBH margins
were stable.
Expense growth +9.9% y-y with expense to sales ratio rising from 27.8% to 29.1%.
OPM (cont. ops) decreased from 9.5% to 8.4%.
Dividend of 148cps (1H23: 159cps).
Gross debt up slightly at R5.5bn (1H23: R5.3bn) but sharp decline in cash from R4.7bn in 1H23 to R1.4bn in 1H24.
Outlook remains challenging with elevated interest rates in both regions.