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.
Western CapeTechnology Specific cc t/a MVCR10 450.00 Per Month
Cape TownE-Merge IT RecruitmentR600.00 - R650.00 Per Hour
Western CapeWork In China R20 000.00 - R45 000.00 Per Month
R 4 500 000
R 5 750 000
Apartments / Flats
R 9 950 000
We subscribe to the Press Code.
You choose what you want
News24 on Android
Get the latest from News24 on your Android device.
Terms and Conditions
24.com Terms and Conditions - Updated April 2012
Creating your profile will enable you to submit photos and stories to get published on News24.
This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.