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By
Reuters
Published
Feb 19, 2009
Reading time
2 minutes
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SAfrica's Woolworths H1 diluted EPS up 11.5 pct

By
Reuters
Published
Feb 19, 2009

* Interim dividend of 31.5 cents per share

* Trade to remain difficult the rest of the financial yr

(Adds details)

JOHANNESBURG, Feb 19 (Reuters) - South African food and clothing retailer Woolworths (WHLJ.J) reported an 11.5 percent rise in first-half diluted headline earnings per share lifted by higher prices and new stores, but warned trade would be difficult for the rest of its financial year.

The company, which has no link to the British retailer of the same name that collapsed, said in a statement diluted headline EPS rose to 62 cents from 55.6 cents in the six months to end December, in line with its own forecast for a rise of 8-13 percent.

EPS jumped 94.4 percent to 110.6 cents thanks to a one-off boost from the sale of its financial services business, also in line with a forecast for a 90-100 percent increase.

The company said retail turnover was up 8.1 percent to 10.5 billion rand.

It also declared an interim dividend of 31.5 cents per share.

Woolworths said last month sales in the period rose 8.1 percent, lifted by higher food prices and new stores. On a comparable stores basis, sales edged up 0.7 percent.

South African retailers have been struggling as consumers in Africa's biggest economy rein in spending to cope with relatively high interest rates and inflation, and as the global economic slowdown hurts sentiment further.

Woolworths' middle class customer base had been particularly affected by the tougher economic conditions and it has been cutting prices to try and stop cash-strapped consumers from shopping at cheaper stores.

Supermarket group Shoprite (SHPJ.J) reported headline EPS growth of 43 percent on Wednesday as its cheaper products help it win market share from rivals such as Woolworths.

(Reporting by Rebecca Harrison)

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