20 August 2021
Research Reports
South Africa
Woolworths Holdings Limited 2020 Integrated Annual Report

This report is being delivered during what is certainly the most volatile and uncertain time that one could have imagined. Not only have we encountered a proverbial ‘Black Swan’ event in the form of the COVID-19 pandemic, but the world is also besieged by geopolitical, equality, and inclusiveness challenges. The economic situation in South Africa is dire as the country could well face a debt trap, and consumer sentiment in Australia is significantly muted. The backdrop against which Woolworths' portfolio of businesses operates at the moment is, therefore, most unpredictable and complex.

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