BUSINESS DAY TV
How Foschini copes in a tough trading environment
TFG CEO Doug Murray takes us through interims results from the fashion and homeware retailer
BUSINESS DAY TV: Fashion retailer TFG (The Foschini Group) has reported a slower rise in half-year earnings as low growth and red tape in credit sales weighed and that sending its shares to an eight month low today. Headline earnings a share rose 5.7% for the six months to September compared with the previous year’s 16.6% growth to 470c. CEO Doug Murray joins us on the line now. Doug, so you talk about robust turnover growth coming through, but on a like for like basis things certainly looking tepid which talks to how hard the subdued economic environment is hitting you right now. So resilient yes, but you are certainly getting hit on that front which is translating to weaker earnings. Doug Murray: Yes, the market has probably is probably as tough as it’s ever been for retail and that’s been reflected in all the trading updates that we’ve been seeing recently. From our perspective we’re obviously delighted that under what are incredibly difficult trading circumstances we are still p...
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