TFG to add six stores in Australia in October
The TFG Australia business is performing better than expected, says CEO Doug Murray
TFG plans to open six stores in Australia under one of its South African brands in October, says group CEO Doug Murray. “For competitive reasons, we’re not saying which [brand], but we’ve already got stores signed up,” Murray, who will step down as CEO in September, told Business Day. The TFG Australia business, which comprises the recently acquired Retail Apparel Group (RAG) and some G-Star Raw outlets, was performing better than expected and new stores were planned, Murray said. “RAG is really trading well…. For the eight months we had it, turnover growth was up just over 14%,” he said. Trading since the end of TFG’s financial year to March had been “ahead of expectation – and we expected a similar level of growth”. “So we’re very thrilled with RAG’s results, and that’s not driven by any obscene markdowns. Gross profit is growing at a faster rate.” The owner of the Markham and Foschini brands said on Thursday group turnover rose 21.4% to R28.6bn in the year ended March. Headline e...
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