Truworths shares hit nine-year low on R1.7bn UK write-down
Retailer cuts value of its UK business by more than a third on Brexit uncertainties and a shift to online shopping
Shares in Truworths International have hit a nine-year low after the retailer cut the value of its UK business by more than a third as Brexit uncertainties and a shift to online shopping weigh on earnings in that market.
The announcement, late on Thursday, came shortly after high-end retailer Woolworths wrote down the value of one of its offshore businesses. Some other SA retailers, including Famous Brands, have seen their foreign bets sour in recent years.