Woolworths shares closed 8.52% lower at R37.78 on Wednesday, their biggest one-day fall since March 2020, after a trading update showed food sales growth stalling and sales at its Country Road Group in Australia falling 9.5%. Intraday, the shares fell as much as 12.2%.
In the 19 weeks to 8 November 2026, group turnover and concession sales rose just 0.2%. Pressure from fuel prices, inflation and interest rates in both South Africa and Australia was cited.
Food: higher prices, fewer items sold
Food turnover and concession sales rose 1.9%, but comparable-store sales grew only 0.1%. With average price increases of 3%, that points to lower volumes. Online food sales rose 24.1%.
Fashion, beauty and home
Turnover and concession sales in fashion, beauty and home fell 0.3%. Homeware grew 6.4% and beauty 3.1%, while fashion saw 0.3% deflation. Online sales in the division grew 16.1%.
Country Road Group
Sales at the Australian-based Country Road Group fell 9.5%, or 8.2% in comparable stores.
What the chief executive has said
Chief executive Sam Ngumeni is leading a review of each business's future role and the improvements it needs. In an earlier interview he said customers had been clear that product quality is what the group must "get right", and that the group is "definitely not turning our back on fashion".
What we do not yet know
- The update covers sales only, and no profit figures were reported.
- The timeline for the chief executive's review and any outcomes have not been announced.
