Truworths leads the plunge
IOL Business/ Bloomberg News - Mar 13th 2013, 08:14
Johannesburg - Truworths International Ltd. led a decline in South Africa’s consumer stocks, which fell the most in a month as spending contracted for the first time since 2009.
The FTSE/JSE Africa General Retailers Index dropped as much as 2.6 percent, the biggest intraday fall since February 14, and traded 1.4 percent lower at 62,886.01 at 4:18 p.m. in Johannesburg.
Truworths, South Africa’s biggest clothing retailer by market value, declined 2.6 percent.
Mr Price Group, a clothing and furniture chain, fell 1 percent.
Both have declined about 15 percent in the year to date.
Lewis Group, a furniture and appliance retailer, sank 0.3 percent.
South African retailers have suffered share price declines this year after trading updates showed slower sales growth amid rising unemployment and lower consumer spending.
Gross domestic demand fell an annualised 0.9 percent in the final three months of 2012, the first fall since 2009, compared with an expansion of 4.1 percent in the previous three months, the Reserve Bank said in its Quarterly Bulletin released in Pretoria today.
Growth in consumer spending, which accounts for about 60 percent of total spending in the economy, slowed to an annualised 2.4 percent in the final three months of last year from 2.7 percent in the third quarter, the bank said.
“Household consumption expenditure continued to be constrained by slower growth in disposable income of households and rising inflation,” the bank said. - Bloomberg News
Truworths reports steady performance
20/08/2019 - 10:04
Truworths International reported lower earnings for the year to June 2019 as Truworths posted a steady performance in the weak domestic retail market while the profitability of the Office chain was severely impacted by the depressed United Kingdom (UK) trading conditions.
Truworths profit at nine-year low as profit plunges over 70%
16/08/2019 - 11:52
Shares in Truworths slumped to a nine-year low on Friday morning after the fashion retailer reported a 74% slide in profits amid difficult trading environments in SA and the UK.
Truworths falls 6% on JSE after restructure call
03/07/2019 - 15:32
Truworths fell more than 6 percent on the JSE after it told investors that it had approached lenders to embark on steps to restructure the R801 million debt of its UK-based Office shoe brand, whose operational performance has continued to deteriorate.
With large chunk of debt looming, Truworths’s UK business seeks a workaround
02/07/2019 - 10:40
Truworths International says its UK subsidiary, Office, is considering a debt restructuring ahead of a hefty repayment due in late 2020.
Retail sales jump in April, giving hope of avoiding a recession
12/06/2019 - 15:44
SA’s retail sales jumped 2.4% in April, led by clothing retailers, adding to hopes that a technical recession may be avoided in the second quarter.