- Woolworths' revenue surged to $4.3 billion, a 6.39% increase from the previous year, driven by strong South African sales and online growth
- Despite revenue growth, Woolworths' profit dropped 48.81% due to tough trading conditions in Australia and increased operational costs.
- Total equity fell by 9.11% to $609.78 million, with total assets declining 1.34% to $2.16 billion amid ongoing market challenges.
Woolworths Holdings, a Cape Town-based multinational retail juggernaut led by South African executive Roy Bagattini, has demonstrated financial resilience for the fiscal year ending June 30, 2024.
The company's revenue surged to $4.3 billion, primarily driven by strong sales growth in its core South African operations despite the challenging trading conditions,
The groups recently published audited financial result revealed a 6.39-percent increase in revenue, rising from R72.69 billion ($4.06 billion) in the 2023 fiscal year to R77.34 billion ($4.32 billion) in the corresponding period of its 2024 fiscal year.
The strong performance in South Africa was sufficient to drive overall revenue growth with support from online sales, which grew by 13.3 percent and contributed 9.2 percent to the Group's total sales for the year.
Woolworths Profit Drops 48.81% Amid Revenue GrowthWoolworths saw a significant decline in profit, falling 48.81 percent from R5.08 billion ($283.56 million) in 2023 to R2.6 billion ($145.17 million) in 2024, despite revenue growth.
