Woolworths profit rises as David Jones purchase lifts sales

Johannesburg: Woolworths Holdings Ltd., South Africa’s biggest retailer by market value, said full-year profit climbed 24 per cent, beating analyst expectations, as the company gained market share and performance improved at newly acquired Australian chain David Jones Ltd.

Net income at the seller of organic foods and international clothing brands such as Country Road rose to 3.75 billion rand ($286 million) in the year through June 28, the Cape Town-based company said in a statement on Thursday. That compares with the 3.65 billion rand estimate of six analysts surveyed by Bloomberg. Sales gained 42 per cent to 56.5 billion rand, including the David Jones purchase.