S.Africa’s Woolworths sees up to 20% drop in HY earnings

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JOHANNESBURG, Jan 27 (Reuters) – South Africa’s Woolworths said on Monday it expects its earnings to fall by between 15% and 20% for the 26 weeks to Dec. 29, when including the impact of an accounting change.

The retailer said its headline earnings per share (HEPS) – the main profit measure in South Africa that strips out certain once-off items – would likely stand at between 160.3 cents ($0.1118) to 170.3 cents, compared to 200.4 cents a year earlier.

Not including the impact of the accounting change, it expects HEPS would be between 7.5% and 12.5% lower. ($1 = 14.3325 rand) (Reporting by Emma Rumney; Editing by Muralikumar Anantharaman)

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