Bumper December sales buoy TFG
TFG Africa grew turnover 6.6%, much of this from opening more stores since same-store turnover growth was 1.7%
TFG’s decision to ride the Black Friday bandwagon appears to have paid off and the retailer says “very strong” trading on November 24 was followed by a better-than-expected December in which consolidated turnover climbed 31%. This was despite cutting prices in its TFG Africa division, where deflation averaged 0.7%, according to a sales update released on Tuesday. Sentio Capital portfolio manager Imtiaz Suliman said the key was that TFG’s cash sales had jumped 11.9% over the month. He said “cash sales were a litmus test for whether the fashion is acceptable — so it shows that their product was very good and accepted by the market”. TFG’s bumper December was, however, flattered by its November acquisition of fashion house Hobbs, one of UK royal Kate Middleton’s favourite high-street brands, which drove TFG London sales almost 64% higher in sterling terms. TFG Australia was also included for the first time and traded above expectation, according to the statement. TFG Africa, which incl...
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