News24.com | Woolworths waiting for most fundamental tumble in earnings on Covid-19 affect, substitute in accounting requirements

News24.com | Woolworths waiting for most fundamental tumble in earnings on Covid-19 affect, substitute in accounting requirements

Woolworths has flagged an expected drop in earnings of between -60% and -70% resulting from the affect of the Covid-19 pandemic and a substitute in accounting requirements.  

The neighborhood supplied a steering prove to shareholders on Friday morning on its expected results for the 52 weeks to total June.

“Covid-19 had a indispensable affect on the efficiency of the neighborhood within the 2nd half of the monetary year, and is anticipated to proceed to compose so for at least the remainder of the calendar year, given the fluid and inviting ambiance,” it mentioned. Earnings were also suffering from the adoption of the IFRS 16 accounting requirements. 

The retailer mentioned it expects headline earnings per section to tumble between -60.0% to -70.0%, from 342.9 cents to between 102.9 to 137.2 cents. 

The neighborhood’s year-finish monetary results will be launched in mid-September.

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