Retailer TFG reported double-digit sales growth for the nine months to December, a feat that was widely applauded by the market, sending the share price soaring more than 6% in intraday trade. The upbeat update was a welcome surprise for investors following a poor showing by both Woolworths and Truworths last week. In the nine months to December 24, TFG reported a 14.5% rise in group sales. Between November 27 and December 24 2016, sales increased 14.6% compared with the year-earlier period. TFG’s share price closed 5.29% higher at R168.50. Mergence Investment Managers equity analyst Peter Takaendesa said the sales growth rate was a bit better than consensus expectations of 13.5%. “What’s quite clear in the results is that TFG is continuing to execute better than its peers and the retail sector in general experienced better trading conditions over the December festive period,” Takaendesa said. “The weaker pound is likely to continue to dilute the results from their UK operations as ...
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