Foschini's turnover boosted by Jet

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TFG said the second wave of infections has caused many of its stores in Australia, New Zealand and UK to close again.
Photo: Gallo Images/OJ Koloti
TFG said the second wave of infections has caused many of its stores in Australia, New Zealand and UK to close again. Photo: Gallo Images/OJ Koloti

Clothing retailer The Foschini Group, said its Africa performance for the fourth quarter was very encouraging with turnover growth of 37.3%, thanks mostly to a significant contribution from the recently acquired Jet business.

In an update to shareholders on Friday, Foschini said its Africa operations' like-for-like turnover growth (which excludes Jet) has been particularly pleasing with growth of 11.6% in the fourth quarter.

For the year, TFG Australia's turnover declined 7.1%. Meanwhile, the retailer said their London operations were hardest hit by stringent government-enforced lockdowns during the past financial year, with turnover contracting by 4.7% due to mandatory store closures.

"We are encouraged by current trade exceeding expectations since the reopening of non-essential retail in the UK on 12 April 2021, albeit with fewer physical store and concession routes to market. We however continue to explore alternative routes to market," said the group.

Excluding Jet, total group turnover declined by 6.7% compared to the same period in the previous financial year.

The retailer said the integration of 425 Jet stores located in South Africa, Botswana, the Kingdom of Eswatini, Lesotho and Namibia, and the other key back-office integration workstreams have all been satisfactorily completed within planned budgets and timeframes.

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