WHL Trading Statement Bullish
WOOLWORTHS HOLDINGS LIMITED - Trading update and voluntary trading statement in respect of the 52 weeks ended 28 June 2026 and board committee
Woolworths Holdings Limited
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What this filing means
A result a beaten-down share needed. Woolworths guides HEPS up 2.5%–7.5% to 274.8–288.2 cents, which is underlying earnings expansion after stripping out a prior-year property gain and impairments — notable given the broad H2 slowdown (group growth halved to 3.3%, FBH to 2.6%, CRG turned negative at -0.5%) and rising credit stress at WFS (impairment rate +90bps to 7.0%). With the share having sold off into the print (CAR-20 of -6.0%, down 22% from its 52-week high), the market had positioned ag…
Bull case
- Group turnover grew 4.3% (4.8% constant currency), with positive full-year sales growth delivered across every segment of the business.
- HEPS is guided up 2.5%–7.5% to 274.8–288.2 cents, signalling underlying earnings expansion despite the EPS base-effect drag from the prior property sale.
Bear case
- EPS guided -10% to 0% versus prior 273.4c, exposing that headline-adjusted growth masks underlying earnings deterioration
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