Woolworths sees higher H1 earnings, shares jump

JOHANNESBURG (Reuters) - South Africa's high-end clothing and grocery retailer Woolworths said on Wednesday first-half profit likely rose by as much as 24 percent, sending its shares higher.

Woolworths said headline earnings per share for the 26 weeks to December 23 likely rose by 18 to 24 percent from the previous year.

Headline EPS, the main measure of profit in South Africa, excludes certain one-time items.

Woolworths, one of the best performing stocks on Johannesburg's Top-40 index last year, said sales for the period rose 18 percent.

Shares of the company rose after the trading update and were up 2.5 percent at 65.09 rand at 0743 GMT.

Woolworths shares notched up 80 percent worth of gains last year, but some analysts say South African retailers have rallied too far and investors will start to take profits this year and move into resource stocks.

Woolworths said it would release its interim results around February 14.

Source: http://news.yahoo.com/woolworths-sees-higher-h1-earnings-shares-jump-085925905--finance.html

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