Publications
The Foschini Group – which also owns @home, American Swiss and various other retail brands – expects its basic headline profit per share to be 403% to 413% higher for the year to end-March, compared to the previous year.
In the final quarter of its financial year, its retail turnover grew by almost 24% compared to the same quarter in 2021.
Its operations in South Africa and other African countries saw record quarterly sales, after growth of 16%. Clothing sales jumped 20%, while homeware gained 17% over the three months. This was despite TFG losing a further 82 000 trading hours in the quarter due to load shedding.
The group said it enjoyed "further, significant market share gains, despite the highly competitive retail environment and the increasing pressure on the consumer wallet".
It benefitted from the company’s localised, "quick response" clothing supply chain and sourcing model, which provided "valuable insulation" against international supply chain disruptions while at the same time improving its apparel margins.
Over recent years, TFG has shifted more of its clothing production from China to South Africa.
TFG Australia saw retail turnover growth of 11.5% (in Australian dollar) in the three months to end-March, after the lifting of most of the lockdown restrictions in that country.
TFG London saw its retail turnover growth jump by almost 92%.
Across its different territories, the group opened 300 stores in the past year.
TFG's share price increased more than 1% in Friday morning trading. Its shares have gained 14% so far this year.
