South African grocery retailer Woolworths Holdings is forecasting a 20-30% year-on-year increase in headline earnings per share after it reported an increase in annual sales.

The company said yesterday (19 July) that for the year ended 26 June, group sales were up 9.4%. Comparable-store sales rose 6.3%. Food sales were up 10.7%, and grew 8.4% on a comparable basis. Selling prices were up 3% over the year.

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Woolworths said that its South African retail space grew by 7.6%, which included 22,850 square metres of franchise conversions. Excluding conversions, corporate space grew 2.1%.

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