The sad fall of the Woolworths share (WHL) price was occasioned by the decision of previous CEO, Ian Moir, and his board to buy David Jones in Australia for AU$2.1bn, which has now had R12bn written off its original purchase price of R20bn in 2014. The only aspect sustaining the Woolworths group was its food sales.
Woollies announced on 14th January 2020 that they had appointed Roy Bagattini, from Levi Strauss, to replace Ian Moir as Group CEO with effect from 17th February 2020. Woolies' fashion and clothing section was also not doing that well in a very difficult trading environment.
In its results for the six months to 24th December 2023, the company reported group turnover down 16.7% and headline earnings per share (HEPS) down 31%. The company said, "The Group's results for the first half of the 2024 financial year ('current period' or 'period') are not directly comparable to that of the prior period, given the inclusion of the David Jones contribution in the prior period."
In a trading statement for the 53 weeks to 30th June 2024, the company estimated that HEPS would fall by between 27% and 32%—partly because of its disposal of David Jones in Australia. We recommend that you only consider Woolies shares when they break up through its current downward trendline. The current P:E is around 14.21, and the shares are still falling but may be stabilizing.
Woollies announced on 14th January 2020 that they had appointed Roy Bagattini, from Levi Strauss, to replace Ian Moir as Group CEO with effect from 17th February 2020. Woolies' fashion and clothing section was also not doing that well in a very difficult trading environment.
In its results for the six months to 24th December 2023, the company reported group turnover down 16.7% and headline earnings per share (HEPS) down 31%. The company said, "The Group's results for the first half of the 2024 financial year ('current period' or 'period') are not directly comparable to that of the prior period, given the inclusion of the David Jones contribution in the prior period."
In a trading statement for the 53 weeks to 30th June 2024, the company estimated that HEPS would fall by between 27% and 32%—partly because of its disposal of David Jones in Australia. We recommend that you only consider Woolies shares when they break up through its current downward trendline. The current P:E is around 14.21, and the shares are still falling but may be stabilizing.
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