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.
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.
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