Food and general merchandise retailer Woolworths expects a 20 per cent rise in full-year profits on the back of the sale of its stake in Woolworths Financials Services.

The said its profit growth was aided by the R380m (£28.9m) it made from the sale of its stake. Woolworths is bucking the trend in the country, where retailers have been suffering as cash-strapped consumers struggle with a high interest rate and inflation.