TFG bucks retail trend over festive season
Apparel group outperforms rivals with robust sales
Apparel group TFG, which operates the Foshini, American Swiss and Markham chains, has bucked the retail trend and produced solid growth numbers for the festive season. While other retailers such as Woolworths, Mr Price and Truworths had flat figures in the leadup to Christmas, TFG notched up robust sales in all operations. TFG said overall turnover rose 8.3% for December 2018. Woolworths, Mr Price and Truworths experienced low single-digit growth. Simon Brown, a former stockbroker and founder of financial education company Just One Lap, puts the solid performance of the group down to its management. “It’s well-known in the retail sector that they have the best management team. They always perform,” he said. TFG’s latest rise in sales follows the 8.4% jump in sales to R10.45bn for the six months to September 2018 and profit before tax of R1.01bn, up from R972m. In its full-year results to March 2018, sales grew 21.4% to R28.8bn and profit before tax grew from R3.2bn to R3.38bn. Brown...
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