Truworths’ share price tumbles
bdlive.co.za - Nov 3rd 2016, 11:28
Truworths’ share price tumbled 7% to R66.21 on Thursday morning after it said sales in its first 18 trading weeks declined by 1% to R4.4bn, excluding its acquisition of UK shoe chain Office.
Including its UK acquisition, which was completed on December 4, sales jumped by 39% to R6.2bn from the matching 18 weeks in 2015.
Excluding new stores and the UK chain, sales fell by 5% while clothes price inflation was 16%.
Combined with Office, Truworths showed strong progress in moving from credit to cash sales. Its overall credit sales fell to 49% from 69% while cash sales jumped 130%.
But excluding its UK acquisition, credit sales remained at about 70%, causing the group’s trade receivables book to increase by 6% to R5.7bn.
In its traditional home market, credit and cash sales both declined by 1%. In the matching period in 2015, cash sales grew by 14% while credit sales grew by 16%.
Office recorded retail sales for the period of £97.3m (about R1.8bn), up by 1.4% relative to the prior period’s £95.9m.
Truworths gave a gloomy outlook for the remainder of its financial year, warning of "slow economic growth, high inflation in product prices due to the weakened currency, and the significantly negative impact of the new affordability assessment regulations introduced in September 2015".© Business Live MMXVI
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