Truworths CEO Michael Mark. Picture: FINANCIAL MAIL
Truworths CEO Michael Mark. Picture: FINANCIAL MAIL

Fashion retailer Truworths reported a 3% decrease in headline earnings per share (HEPS) for the 26 weeks ended December 25, following tough trading conditions fuelled in part by a weak rand.

HEPS fell to 392.6c.

However, the group said its financial position remained strong, with net asset value per share increasing 8% to 2,200c from 2,036.7c in the previous comparable period.

A gross cash dividend of 270c was declared for the period, which was unchanged from the same period for the previous year.

Looking ahead, the group said that in the case of its South African operations, slow economic growth and pressure on the disposable income of consumers would affect trading conditions, which were likely to remain challenging in the short term.

"The affordability assessment regulations continue to limit our ability to open new accounts and grow credit sales. The group has taken action in an attempt to mitigate, to some extent, the impact of these regulations," Truworths said.

The trading environment in the UK was also faced with uncertainty and low economic growth prospects, it said.

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