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4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Woolworths Holdings Limited    WHLJ   ZAE000063863

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Woolworths Holdings : WOOLWORTHS ANNOUNCES JOINT VENTURE AND PLANS TO OPEN 3 STORES IN NIGERIA

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10/12/2011 | 01:55pm CEST
WOOLWORTHS ANNOUNCES JOINT VENTURE AND PLANS TO OPEN 3 STORES IN NIGERIAPress Release
12 October 2011

Woolworths has signed a joint venture today with listed Nigerian company Chellarams Plc and will open 3 stores in December and plans to open 7 more stores over the next 2 years.
Two stores will open in Lagos, one at The Palms and the other at Ikega. The third store will open in Polo Park in Enugu State in Nigeria.
“We are confident about our investment in Nigeria and we are very pleased with the growth prospects of the Nigerian market. The country has a large population with significant and growing middle and upper income groups. We have found the right partner in Chellarams Plc to grow the Woolworths brand in Nigeria,” said John Fraser, Divisional Executive for Woolworths International.
The joint venture is part of Woolworths plans to accelerate its expansion into other African countries.
“Joint ventures with local partners, such as Chellarams Plc, is the new business model for our expansion plans in other African countries. We have moved away from the franchise model we had in the past in some African countries. It’s not only a better profit model for Woolworths, but it’s also better for customers,” said Fraser.
Woolworths aims to open 16 stores in African countries this year taking the total number of stores to 60 in the current financial year. The new stores will be larger than current ones. Retail space will increase by 42% in the current financial year and by an estimated 145% over the next three years on the continent.
Woolworths has had a presence in African countries for over 10 years and currently has stores in the following 10 countries: Botswana, Namibia, Lesotho, Swaziland, Ghana, Kenya, Tanzania, Uganda, Zambia and Mozambique. Woolworths also intends to open stores Angola.
Ends
Note to editors:
See related press release:
Woolworths expands its African presence:
http://www.woolworthsholdings.co.za/media/our_news.asp?categoryyearid=8
For more information contact Woolworths Press Office:
Tel: 021 - 407 7700
Cell: 082 782 3856
Email: pressoffice@woolworths.co.za

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Financials ( ZAR)
Sales 2016 66 294 M
EBIT 2016 7 042 M
Net income 2016 4 403 M
Debt 2016 15 031 M
Yield 2016 3,37%
P/E ratio 2016 19,34
P/E ratio 2017 16,66
EV / Sales 2016 1,62x
EV / Sales 2017 1,45x
Capitalization 92 343 M
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Number of Analysts 14
Average target price 97,9  ZAR
Spread / Average Target 11%
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Ian Moir Group Chief Executive Officer & Executive Director
Simon Norman Susman Non-Independent Non-Executive Chairman
Samuel D. Ngumeni Chief Operating Officer & Executive Director
Reeza Isaacs Executive Director & Group Finance Director
Zyda Rylands Executive Director & MD-Food Segment
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