S.Africa's Woolworths warns of likely 20 per cent profit fall

South African retailer Woolworths expects profit for the 52 weeks to June 28 to fall more than 20 per cent year on year, hit by a drop in sales owing to measures to prevent the spread of the coronavirus.

In its markets of South Africa, Australia and New Zealand, governments have enforced weeks-long lockdowns or urged citizens to stay home, prompting Woolworths to close outlets selling clothing, beauty and homeware products.