JOHANNESBURG (Reuters) -South African fashion retailer Woolworths expects an up to 29% decline in full-year headline earnings, due to the weaker-than expected performance of its Australian clothing chain Country Road Group, it said on Thursday.
Headline earnings per share (HEPS) are seen falling by between 24% and 29% in the 52 weeks ended June 29, from 364.2 cents in the 53 weeks ended June 30, 2024.
The retailer has also written down the value of certain underperforming brands with Country Road Group, taking a non-cash impairment charge of 917 million rand ($51 million)following a reassessment of the assets.
The impairment does not impact the HEPS.
($1 = 17.9550 rand)
(Reporting by Nqobile Dludla; Editing by Himani Sarkar)
