Woolworths Reports Drop In Profit

Siboniso Mawandla | The Republic Mail

By Thina Bhengu

Woolworths has warned that tough trading conditions will continue in its local and Australian markets.

The South African retailer has reported a drop in full year profit for the first time in eight years.

Headline earnings for the grocery, food and clothing retailer dropped by 7.6 percent for the year ended in June.

Woolworths says the market is affected by changing consumer trends and technology.

The company is facing increased competition as a result of depressed consumer spending.

It aims to weather the storm through structural changes aimed at reducing costs and increasing margins.