TFG hopes for Christmas cheer
Retailer says second half will be dependent on festive season trading after turnover slows for first five months
Investors in SA’s retail stocks better hope that Father Christmas delivers this year. Speaking to shareholders at apparel retailer TFG’s annual general meeting on Wednesday, CEO Doug Murray said that the second half would again be "heavily dependent" on Christmas trading, after total turnover growth for the first five months had slowed to 6.2%, down from 17.2% in 2016. Murray said admittedly, 2016’s sales had been elevated because of the inclusion of its UK brands, Phase Eight and Whistles, but the company was "extremely pleased" with the performance so far. The market appeared less so, selling TFG shares down as much as 3.5%, before the stock pared its losses to close 1.51% lower on Wednesday.Shareholders voting at the meeting also appeared unhappy about the company’s remuneration policy, with 30.29% of those present voting against it. Notwithstanding its acquisitions, this time last year TFG was growing ahead of the overall market, but was now tracking average growth. Avior retail...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.