Truworths has reported the worst decline in interim sales volumes of all the listed retailers on the JSE. Investors sent the share price tumbling more than 4% in intraday trade on Thursday, before it made a strong recovery to close 1% higher at R84.23. In the 26 weeks ended December 25, Truworths said sales excluding those of UK-based Office Group were unchanged from the year-earlier period at R7.4bn. Comparable store retail sales excluding the UK operations decreased by 3% while product inflation averaged 16%. Headline earnings per share fell by 3% to 392.6c. The group maintained its interim dividend at 270c per share. Ashburton fund manager Wayne McCurrie said the local retail environment was extremely tough. "Truworths did say that the base they are comparing to in December last year was quite high, but to show no growth in retail sales this time around shows they had a tough time of it," said McCurrie. The usual culprits were hurting companies in the retail sector, McCurrie said...
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