Truworths sales growth improves on year-earlier period
bdlive.co.za - Jul 15th 2016, 15:52
TRUWORTHS reported double-digit sales growth for the year to end-June, boosted by the acquisitions of the Office Group, Earthchild and Naartjie.
In a trading update released on Friday, the retailer said it had increased group sales for the period 46.1% to R17bn compared to an 8.2% increase in the year-earlier period. Excluding the sales of the new businesses, retail sales increased 11.2% to R12.8bn.
Truworths entities include Truworths, Identity, Uzzi, Daniel Hechter, Inwear and YDE. The company trades mainly in SA, Namibia, Swaziland and the UK. In the first half of its financial year the retailer acquired UK-based Office Group, which operates in Ireland and Germany as well. Office had 162 stores. Before the transaction, Truworths had 767 stores in Africa with 44 outside of SA’s borders.
In the period under review, the company said credit sales with the inclusion of the acquired businesses comprised 53% of retail sales. "The reason for the material changes in the credit-cash metrics is that Office generates solely cash sales," Truworths said.
Excluding the acquired businesses, credit sales comprised 70% of retail sales for the period.
Like-for-like store retail sales increased 7.3%. Trading space increased 3.8% and product inflation averaged 9.5% for the period.
The group’s credit book increased 11.7% to R5.8bn compared with the year-earlier period.From ChainStoreAge.com
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