Woolworths CEO nets R8.25m bonus

Food and clothing retailer Woolworths paid its chief executive officer Ian Moir R13.6-million, including a bonus of R8.25-million, added to his R5.312-million normal package for the year.

Moir, who joined the company in January 2010, is the former managing director of retail at Country Road.

Short term bonuses totalling R20.34-million were paid to four executive directors over the period, including Moir, deputy chairperson and former chief executive Simon Susman (R2.84-million), financial director Norman Thomson (R4.39-million) and managing director of food Zyda Rylands (R4.86-million).

In August Woolworths reported adjusted diluted headline earnings per share of 209.8c for the year ended June, up from 152.2c in 2010.

A final dividend of 93c per share was declared and a total distribution of 143.5c per ordinary share was made for the period, an increase of 36.7%.

Revenue increased 9.2% to R25.841-billion and operating profit increased 28.3% to R2.122-billion.

During the course of the year sales grew by 10.0% (comparable with 7.9%), and clothing and general merchandise sales grew by 8.6% (comparable with 7.3%). Clothing and footwear sales in South Africa performed particularly well, increasing by 11.5%, comparable with 9.4%).

Food also experienced strong growth for the year with sales up 10.7% (8.4% comparable).

The group said on average for the 12-month period it outperformed the market by 4.1%.

The group’s return on equity increased from 39.4% to 44.1%.—I-Net Bridge

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