TFG, owner of Foschini, Markham and Sportscene, recorded a drastic reduction in new SA accounts as it focused on reducing exposure to credit and growing cash sales in a weakening local economy.

The company released its results for the year to end-March in which sales dropped 6,7%, but it saw headline earnings plummet after it sold goods on promotion and struggled in the UK market where it lost 50% of its trading days and had to write down almost R3bn in investments. The R2.7bn in impairments reflect the company will earn less in future in the UK than it had expected to. ..

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