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Truworths boosts sales, while Richemont down marginally
Truworths boosts sales, while Richemont down marginally

Truworths boosts sales, while Richemont down marginally

RETAILER NEWS

Fin24 - Jan 15th 2016, 12:07

Cape Town – Truworths [JSE:TRU] has seen a 36% increase in sales to R8.5bn in the 26 week period ended 27 December 2015, while Richemont [JSE:CFR] saw a dip in sales in the third quarter ended 31 December, both comparative to the previous period. 

The two companies released the data to Sens on Thursday, adding to other positive retail data coming from Woolworths and Massmart after the festive period.

Truworths’ results are inclusive of the non-comparable sales of the recently acquired (89% stake) Office, Earthchild, and Naartjie businesses, it said in a Sens statement.

Relative to the corresponding prior period, cash sales grew by 85.2% and credit sales by 15.8%, with credit sales comprising 60% of retail sales during the period, it said.

Excluding the sales recorded by Office, Earthchild, and Naartjie, retail sales for the period increased year-on-year by 15% to R7.2bn, whilst product inflation averaged 9%.

Its share price on the Johannesburg Stock Exchange (JSE) was marginally down 0.09% at R93.92 on Thursday at 15:30.

Richemont said sales in the quarter declined by 4% at constant exchange rates, while sales increased by 3% at actual rates to €2.927bn (R52.76bn). It share price on the JSE was down 1.06% at R105.59 at 15:30 on Thursday.

"Compared to the first six months of the current year, the slowdown in sales largely reflected weak trading in Europe. Trading in the Asia Pacific region continued to be challenging," it said.

Jewellery continued to grow across most regions, partly compensating weak demand for watches, it said.

Woolworths said on Thursday that it expects first-half profit to increase by 25% to 35% year-on-year with sales also forecast to rise, while Massmart said its full-year sales rose by 8.4% to R84.7bn.From Fin24.com 

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