Woolworths sees over 20% drop in annual earnings

A man walks past the Woolworths truck entrance in Cape Town, South Africa, 26 February 2024. Source: REUTERS/Esa Alexander/file photo.

Retailers such as Woolworths have been grappling with challenging trading conditions at a time cash-strapped customers rein in spending amid high interest rates and living costs.

Woolworths, which also operates in Australia, said trading conditions in the second half to date have been tougher than expected for its apparel businesses.

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The food, fashion and beauty products retailer said its Country Road Group business in Australia was being further impacted by inflated import costs due to a weaker currency, coupled with higher fixed costs.

The company, however, said its food business continued to prove its resilience, with strong trade and market share gains.