Truworths 26-week sales rise 21% but earnings drop marginally
On Thursday Truworths International reported a 21% rise in retail sales to R10.2bn for the 26-week period that ended on Christmas day. Cash sales grew 53% while those on credit were unchanged. Excluding contributions from subsidiary UK-based fashion chain Office Retail Group, retail sales were unchanged at R7.4bn. Truworths said it experienced a challenging trading environment during the period because of low economic growth, high product inflation resulting from rand weakness, reduced foreign revenues when translated into rands arising from sterling weakness, and the negative effect of the credit affordability assessment regulations in SA. The group expects diluted headline earnings per share for the period to decrease by between 2% and 6%, to between 380.6c and 397.9c per share, from 403.8c per share in the previous period.
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