Big blow as Woolworths share drop

JOHANNEBSURG – Woolworths’ shares have dropped by double digits and closed off at 8% lower on Wednesday.

Investors are unhappy with the retailer’s trading update over the past five months.

READ: Woolworths launches AI-powered shopping assistant

The company’s group turnover and concession sales grew by just 0.2%.

Despite this, the company says its South African operations are doing better than its Australian counterpart.

This while its food business is doing better than the Fashion Beauty and Home segment that also declined fractionally.

READ: Woolies eyes imported headline earnings

Woolworths says high fuel prices, inflation and higher interest rates are constraining consumer demand.

It says shoppers are prioritising sales and essential goods.