S.Africa: Retail chain Woolworths dividend restored as profit jumps

South African retailer Woolworths Holdings (WHLJ.J) resumed dividend payouts on Thursday after its annual profit surged and the sale of some Australian properties helped it to cut its debt.

The clothing, food and homeware retailer had been renegotiating leases, reducing capital expenditure and cutting costs to help bolster its balance sheet.

It has also sold Bourke Street Mens and Elizabeth Street properties in Australia, a part of its upmarket department chain David Jones.

The group reduced net borrowings by over 10 billion rand ($668 million) to 1.1 billion rand, with a slight increase in free cash flow in the 52 weeks ended June 27, Group Financial Director Reeza Isaacs said.