TFG’s profit is flat despite increase in revenue
Retail group TFG grew revenue 9% to R13.97bn but after-tax profit remained flat at R1.04bn for the six months to end-September. It declared an interim dividend of R3.25, slightly higher than the matching period’s R3.20. TFG had ended the reporting period with 3,809 outlets spread over 32 countries, it said in its interim results on Thursday. The retailer segments itself into three geographic regions: Africa; London; and Australia. In Africa, it opened 74 new outlets while closing 30, in London it opened 46 while closing 39, and in Australia it opened 24 while closing eight. "We plan to open in excess of 100 new outlets in the second half of the year," CEO Doug Murray said in the results statement. The group’s flagship brand, Foschini, contravened the National Credit Act by selling club magazine subscriptions to its customers, according to the National Credit Regulator. "The group, together with two other major listed retailers, initiated legal action against the National Credit Regu...
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