Truworths posts slim sales gain in tough retail market
Truworths said on Wednesday retail sales for the 26 weeks to December grew 1.2% to R10.6bn.
Retail sales for Truworths Africa, which is comprised mainly of the group’s SA businesses, increased by 2.7% in the period ending to December 29 while retail sales for the group’s UK-based Office segment decreased in sterling terms by 3.3% to £151m (R2.8bn).
The number of active accounts at Truworths Africa rose 3.5% to 2.8-million.
Truworths said it continued to experience challenging trading conditions in both its main markets.
“Low economic growth, high unemployment, load-shedding, modest increases in negotiated wages and higher average fuel and utility prices contributed to low consumer confidence and constrained spending in SA, while Brexit uncertainty combined with continued pressure on store-based retailing continues to negatively impact the UK economy”.