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Retailers News South Africa

Truworths sees higher earnings

Retailer Truworths said on Friday, 14 January 2011, it expected that both basic and headline earnings per share for the first 26 weeks - from 28 June until 26 December 2010 - of the financial year to be between 17% and 20% higher, relative to the corresponding period in the 2010 financial year.

In the 26-week period, group retail sales increased by 15.3% to R4.4 billion, while comparable retail sales increased by 10.6% and product inflation averaged 1%.

Truworths said that trading space increased by 4.4% relative to the prior corresponding period-end.

At the end of the 26-week period, the group's gross debtors' book had increased by 16% to R3.3 billion, relative to the corresponding date in 2010.

"Credit sales contributed 70% to retail sales and the debtors' book continued to perform satisfactorily as anticipated by management," it said.

The group's interim results are scheduled to be announced on 21 February.

Source: I-Net Bridge

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