The battle to remove Gordhan and ultimately President Cyril Ramaphosa from office is in full swing, writes Adriaan Basson.
Partly cloudy. Mild.
Retailer Truworths' sales grew by a mere 1.2% to R10.6bn for the 26 weeks ended December 30, 2019, as it faced tough conditions in both Africa and UK markets.
Truworths has launched a new store concept called Context.
Truworths' latest retail sales report shows that the clothing retailer’s sales dropped 3% compared to the same period last year.
The JSE managed to close the day firmer as retailers led the local bourse higher.
Equities closed the say in the red, having been dragged down by weaker commodity prices.
ZSE-listed Truworths, owned 34.39% by Truworths International, has reported a 35.89% drop in revenue for the half-year ended January 8 2017.
Trading volumes in SA retail stocks have jumped following indications that consumer spending is starting to recover.
New global businesses helped Truworths record a 36% increase in sales, while Richemont saw a slight dip in sales as jewellery helped stem its weak watch sales.
Truworths has entered into preliminary non-binding negotiations regarding a potential acquisition of UK group Office Retail.
After building up its women's wear and men's wear emporiums, Truworths is setting its focus to conquering the children's wear market, says CEO Michael Mark.
Truworths bought shoe retailer Office for £154m in 2015, but last month wrote down £97m of its value as the retailer continued to struggle in a tough UK market.
Equity investors see a brightening outlook for SA's clothing sector, which just six months ago was depressed by weak economic growth, subdued consumer confidence and declining earnings, notes Overberg Asset Management.
Truworths and Markham account payments were allegedly part of the largesse a Cape Town businessman dispensed to a former police commissioner, the Western Cape High Court has heard.
Top textile executive Herman Pillay is working hard to invigorate the sector.
Dreary results are expected from two of South Africa’s major listed clothing stores, Woolworths and Truworths, in the coming weeks, due to poor local conditions.
Truworths has had a challenging environment during the 26-week period ended 25 December 2016, due to the tough economic environment and high product inflation.
Job losses and delayed pay dates in Zimbabwe are worsening trading conditions for credit-based clothing and apparel retailers in the country.
Truworths has joined other South African retailers by investing in European companies after it announced it is acquiring 88.9% of UK-based Office Retail Group.
Clothing retailer Truworths has reported virtually no growth in half-year profit, as debt-laden consumers already battling high unemployment spent warily.
Clothing retailer Truworths has issued a trading update showing slowing sales growth, sending its shares down more than 8% in early trade.
Cape Town Southern Suburbs1st Contact T/A Sable International
Cape Townemerge R580 000.00 - R620 000.00 Per Year
Cape TownemergeR560.00 - R580.00 Per Hour
R 3 900 000
R 3 750 000
R 3 395 000
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