South African retailer Woolworths Holdings has forecast its annual earnings could increase by up to 30% on the back of higher sales and gains from foreign exchange.

Woolworths said its headline earnings per share – a key financial metric in South Africa – for the year to 24 June were expected to be 20-30% higher.

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The forecast came in a sales update reported today (17 July). Woolworths said its comparable-store sales increased 7.1% over the year. Group sales were up 11.8%.

Comparable food sales rose 7.8%, with food revenues increasing 11.9%.

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