Woolworths Share and share alike
And while we’re talking trading updates, here come the usually restrained Woolworths with a brash and brassy 55% growth in revenue for the year to June. But hang about, before you get all excited and rush out to stock up on shares, that does include sales from the newly acquired David Jones stores Down Under. Not taking those into account, growth was a more muted 12%, a touch down from last year. This as tough conditions back home take a bite out of even the better-heeled punter’s disposable income. And speaking of better-heeled, most of Woolies staff beneficiaries of the BEE share scheme put into place eight years ago will end up R200,000 richer, give or take. So far, staff have cashed out to the tune of R1.9billion, with a total of R2.4billion in value having been created, and about R332million paid out in dividends.
Comment: And that, Mr President, is what a good story looks like