Truworths dives on below-forecast sales
Fin24 - Jan 19th 2012, 12:03
Johannesburg - Shares in Truworths International [JSE:TRU] fell more than 3% in early trade on Wednesday, after the clothing retailer released a trading update that one fund manager said fell short of estimates.
The company, which expects first-half headline earnings per share to rise by as much as 15%, said sales increased by 10.7% in the 26 weeks to end-December.
“Investors are probably comparing this with how Foschini performed... it looks like Truworths has underperformed Foschini,” said Abri du Plessis, chief investment officer at Gryphon Asset Management.
The Foschini Group, Truworths' closest listed rival, said sales rose 17% in the three months to end-December.
In morning trade, Truworths was down 2.52% to R76.51, paring losses after tumbling as much as 3.52%.
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