Truworths profit up, eyes Africa expansion
Fin24 - Feb 24th 2012, 07:41
Johannesburg - South Africa's biggest listed clothes retailer Truworths International [JSE:TRU] reported a 14% increase in first-half profit, lifted by higher prices and new stores.
Truworths, which runs fashion stores of the same name across the country, said diluted headline earnings per share totalled 272.3 cents in the six months to end-December, compared with 238c a year earlier.
Consumer spending is improving in Africa's top economy thanks to decades-low interest rates and above-inflation wage increases, but the outlook is uncertain due to high personal debt levels and chronic unemployment.
South African retail sales jumped 8.7% year-on-year in December, beating the 6.5% growth economists had expected.
Cape Town-based Truworths said sales increased 11% to R4.8bn, with product inflation of 8% and after adding 14 stores during the period.
The company said sales in the first eight weeks of the second half showed an 11% growth on the same time a year earlier.
Truworths, which runs 21 stores in African countries outside South Africa, said it would open 13 stores at its home market and six in the rest of the continent in the next six months.
Retailers in Africa's biggest economy are increasingly setting up shops on the poor but fast-growing continent, whose consumption prospects were highlighted by US retail giant Walmart's acquisition of South African retailer Massmart last year.
Ackermans launches A-list Summer collection
12/09/2019 - 11:08
With winter’s icy grip on the country, it's hard to believe that summer is around the corner. The onset of warmer days means that it’s almost time to ditch the winter wardrobe and embrace a lighter, brighter one. However, selecting a summer wardrobe can be a daunting experience, as consumers are spoilt for choice and simply don’t have the time to sift through the top trends - particularly when on a budget.
Canada's Hudson's Bay is fishing for young fashionistas
11/09/2019 - 10:39
When Sears Canada announced it was closing all of its stores in 2017, Hudson’s Bay Co (HBC) saw an opportunity: HBC’s Canadian department store chain would swoop in and snatch Sears’s customers. Managers gradually added mid-price apparel to stores from Nova Scotia to British Columbia and waited for sales to take off.
Trends helping fashion retail SMEs scale up
23/08/2019 - 10:54
Retail is going through change along with the rest of the digital world - but it’s one of those touchy-feely zones, where online does not always size-up to an actual shopping experience.
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.