Lacklustre trading update could hit Truworths shares
The share price of clothing chain Truworths is likely to fall on Thursday morning when the market reacts to a lacklustre sales update it issued after the JSE closed on Wednesday.The retail group reported overall sales for the 26 weeks to December 31 of R10.3bn, nearly flat from the R10.2bn for the 26 weeks to December 25 in 2016.Sales at its South African operations grew 1% to R7.4bn but that was offset by sales from its UK chain Office declining 1%, measured in rand. Measured in pounds, Office’s sales grew 1% to £162m from £159m. The rand strengthening against the pound translated that into a fall to R2.8bn from R2.9bn.Truworths said it expected to report on February 22 that its diluted headline earnings per share (HEPS) declined by between 3% and 5%.The retailer said the comparison between this financial year’s first half and the prior year’s first half had been cast in an unflattering light by the inclusion of the slow sales week between Christmas and New Year in this interim res...
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