Woolworths (Hold, TP ZAR 92.5/share) H1 17A trading update shows impro...

WHL SA clothing (33% of EBIT) released stronger numbers with implied negative volume growth in H1 17A of -6.1% y/y versus -7.8% y/y for the 19 week period of H1 17A. Divisional revenue grew by 3.5% y/y in H1 17A accelerating from 2.0% (19 week update), ahead of ACe of 2.6% y/y. WHL Food (26% of EBIT) showed a slight improvement with its top-line growth accelerating from 9.1% y/y (19 week update) to 9.5% y/y in H1 17A, ahead of ACe of 8.9% y/y. LfL growth was improved to 5.6% y/y, implying negati...