CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 75-95% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

South Africa's Woolworths flags weak consumer spending

By Reuters News

Nov 11 (Reuters) - South African retailer Woolworths Holdings WHLJ.J on Wednesday reported only a 0.2% rise in group turnover and concession sales for the most recent 19 weeks, as rising fuel prices and persistent cost-of-living pressures weighed on consumer spending.

  • The company said trading conditions remain challenging domestically and in Australia, its second-largest market

  • Turnover and concession sales in South Africa inched 1.6% higher for the 19 Weeks ended November 8, limited by declines at its Fashion Beauty Home business

  • Country Road Group, its Australian apparel business, also reported a 9.5% decline in sales, with the company saying all brands remained under pressure

  • However, Woolworths' food unit delivered turnover growth of 1.9% on a comparable store basis, with its recently completed acquisition of In2Food expected to support margins

  • The company said it is making good progress with its strategy of focusing on its food business while continuing the recovery of Country Road Group

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.