Woolworths turnover up 7%

Woolworths, the South African retail giant, recently announced its successful exit from the Australian market, marking a strategic move that has brought about significant value accretion for the company. Roy Bagattini, the Group CEO of Woolworths, discussed the rationale behind the decision in a recent interview with CNBC Africa's Godfrey Mutizwa. The departure from Australia, including the sale of the struggling David Jones business, has allowed Woolworths to shed approximately 18 billion rands worth of liabilities and unlock around 8 billion rands in value. This move has enabled the company to refocus its attention on its core operations in South Africa and across Africa, paving the way for future growth and expansion.