FOOD and fashion retailer Woolworths Holdings Ltd unveiled an 11% drop in interim headline earnings on Thursday, blaming stunted consumer spending despite a recent raft of interest rate cuts. Woolworths, which this week unveiled a restructuring plan to help refocus its businesses to try and allay market woes, reported headline earnings falling 16 cents in the six months ended December 31, versus 18 cents in the same period last year. Turnover was at $3,2-billion ($503,7-million) from R3-billion rand, while attributable earnings slid seven percent to 15,9c from 17c. Shares in the group were unchanged at four rand after the results, but down from the year’s peak of R6.01.