Pursuits
Woolworths Sees Worsening Outlook as Consumers Feel Pressure
- South African retailer sees domestic pain from interest rates
- Stock tumbled as much as 10% in Johannesburg Thursday
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Woolworths Holdings Ltd., a South African food and clothing retailer, said weaker consumer spending and economic growth will make trading conditions more difficult this year in both its domestic and Australian market.
“It’s going to get tougher,” Chief Executive Officer Ian Moir said on a conference call from Cape Town on Thursday. “The Australian economy will not be as tough as South Africa, but is quite dependent on the Chinese economy and is not without risks.”