Foschini Group Limited · JSE:TFG
Foschini — The Foschini Group — FY2024 Earnings Presentation
72 slides from Foschini's earnings presentation, June 2024
Slide 1: TFG Results Presentation
TFG RESULTS PRESENTATION For the year ended 31 March 2024 1
Slide 2: Agenda
Agenda 01 Overview and Highlights 02 Financial Review 03 Segmental Performance 04 Strategy and Outlook 2
Slide 3: Overview and Highlights
01 OVERVIEW AND HIGHLIGHTS Anthony Thunström Group CEO 3
Slide 4: Tough macros. Made-to-measure strategy.
Tough macros. Made-to-measure strategy. We continue to invest for growth in the face of tough externalities… Interest Indebted Cost of Disrupted Load- Unemploy- Pure-plays rates consumers living shipping shedding ment geared up London & Australia Africa guided by a Grew Invested in price Localised S
Slide 5: Financial highlights: Record Group revenue
Financial highlights. Record Group revenue. Compelling operating leverage. Positive operating leverage achieved: Balance sheet de-leveraged: Delivering: +8.9% +9.9% R7.1bn 970.7c Group Revenue EBIT FY23 Net Debt* Headline Earnings Per Share Whilst sustaining margins: -31% FY2024: 47.9% FY2024: 10.6%
Slide 6: Income statement H1 growth, H2 profit
Financial highlights. Income statement H1 growth, H2 profit. We made an early and deliberate call to trade tactically. We ran down stock and took market share. Then built up margin and recovered profitability. 18,4 12,4 9,9 9,4 8,6 8,6 7,7 5,4 0,8 % Growth on H1 2023 % Growth on H2 2023 % Growth on
Slide 7: Delivering against balance sheet commitments
Financial highlights. Delivering against balance sheet commitments. At mid-year we said we would consolidate and focus on working capital efficiency, reduce costs, and pay down debt. We rigorously managed our balance sheet and exceeded those commitments. Capex Inventory Net Debt Leverage (% of Turno
Slide 8: Record global performance
Financial highlights. Record global performance. Revenue Contribution 72% 28% Africa London Australia R43.1bn R7.6bn R9.4bn +10.7% +10.4% +0.2% Record Revenue Record Revenue Record Revenue 41.1% R16.1bn 62.1% R4.7bn 65.1% R6.1bn FY23: 41.0% FY23: R14.5bn FY23: 58.7% FY23: R4.0bn FY23: 66.3% FY23: R6
Slide 9: Africa: Year-long market share gains
Performance highlights. Africa: Year-long market share gains. Outpacing competitors across the board. TFG Sales Growth vs Market Sales Growth As reported on RLC: Men, Women, Kids and Baby categories 14,8% 14,4% 12,6% 11,7% 11,7% 10,5% 10,1% 10,0% 8,0% 7,0% 7,4% 6,3% 5,3% 3,4% 3,4% 2,6% 1,0% 0,2% -0,
Slide 10: Africa: Taking share in all key categories
Performance highlights. Africa: Taking share in all key categories. Womenswear market share Menswear market share 11.6% 12.1% 26.1% 27.0% FY23 FY24 FY23 FY24 Source: RLC Source: RLC Sport shoes market share Homeware and furniture market share 34.7% 20.8% 27.6% 36.6% FY23 FY24 FY23 FY24 Source: GFK,
Slide 11: TFG Africa: A closer look at divisional performance
TFG Africa: A closer look at divisional performance. Specialty Sports Growth: 18.0% Growth: 14.0% Africa Turnover R39.2bn +10.4% Womenswear Growth: 8.9% Menswear Value Growth: 8.7% Growth: 3.1% TFG Results Presentation – for the year ended 31 March 2024 11
Slide 12: Continued delivery of our BOLTS strategy
Strategy highlights. Continued delivery of our BOLTS strategy. B O L T S Build out Optimise Leverage Transform Sustain This year’s our brand equity our quick response our rewards into a true our stakeholders focus & partnerships capability offering omni- retailer through job creation TFG Results Pre
Slide 13: Build out: Stores
BOLTS Build out: Stores. BUILD OUT Continued build out and optimisation yielding excellent results. We added 272 new Group stores Trading densities: all TFG Africa stores 212 new stores in TFG Africa: Up 10% across 3500+ stores in 1 year 33 100 28 19 28 300 30 100 Highly profitable Highly profitable
Slide 14: Build out: Our partnership with JD is transformational
BOLTS Build out: Our partnership with JD is transformational BUILD OUT • JD chose to partner with TFG for its unique retail ecosystem • Plan to open 3 or 4 stores in FY25 and c. 10-15 stores/ year thereafter 1. 2. 3. Partnership with Access to Strengthens top global unique relationships sports retai
Slide 15: Build out: Tapestry
BOLTS Build out: Tapestry BUILD OUT Improved profitability despite overall category performance: +11.7% +13.6% 50.7% +9.1% Turnover Gross Profit Gross Margin Operating Profit growth growth (%) growth Strong retail fundamentals: Key business case levers FY24: High brand equity businesses R • 80% own
Slide 16: Optimise: Quick, quicker, quickest
BOLTS Optimise: Quick, quicker, quickest. TFG’s unique QR advantage. OPTIMISE Imports Local - TFG own 20.8% 20.6% FY24 Own manufacturing • Expanded menswear capacity contribution to total Africa • Added new formal menswear capability apparel (Units) • 6 new production lines added 31 58.6% Local/ reg
Slide 17: Optimise: Quick Response, now available in homeware too
BOLTS Optimise: Quick Response, now available in homeware too. OPTIMISE We further verticalised our homeware capability and capacity. • Continued verticalisation and local manufacture • R20m investment in new equipment and machinery • 80% of @home sofas now made locally Home division Source of sofa
Slide 18: Leverage: Shaping an even stronger customer value proposition
BOLTS Leverage: Shaping an even stronger customer value proposition. LEVERAGE International recognition, local results. 5.5 swipes every Registered TFG Rewards Customers second! 37.6 We know our our customers are customers individuals 12.5% p.a. 80% 100% of turnover of Rewards from known Marketing i
Slide 19: Transform: Best online
BOLTS Transform: Best online. TRANSFORM Bash: Now the Number 1 SA fashion & lifestyle retailer*. • 3.5 million app downloads Breakeven target brought forward: • Bash delivery launched 60% 50% +45% FY23 FY24 FY25* FY24 new to TFG online 0% - 8% - 25% 45% 40% bash own delivery cost saving/ delivery 30
Slide 20: Sustain: Meaningful transformation
BOLTS Meaningful transformation. At every level. SUSTAIN TFG has intensified our efforts and investment in transformation over many years: B-BBEE Level 2 The only Our TFG team Communities and The ownership Our CMTs and major andretailer management members, our partners through the most to achieve “T
Slide 21: Group Financial Review
02 GROUP FINANCIAL REVIEW Ralph Buddle Group CFO 21
Slide 22: Group Highlights
Group | Highlights Strong operational performance. Tough economic environment. • Consumer under considerable pressure in all territories • Strong focus on margin management • Inventory clearance in H1; H2 impacted by port delays (Africa) and consumer pressures • Trading expenses well controlled in a
Slide 23: Group Highlights
Group | Highlights Turnover Gross Profit Gross Margin +8.6% +8.6% 47.9% R56.2bn R27.0bn (FY 2023: 47.9%) EBITDA EBIT Margin HEPS +10.9% 10.6% +0.2% R11.6bn (FY 2023: 10.5%) 970.7c ROCE Net Debt / EBITDA Total Dividend 14.6% 0.76x +9.4% (FY 2023: 14.8%) (FY 2023: 1.21x) 350c Excl. goodwill TFG Result
Slide 24: Group Turnover and Gross Profit
Group | Turnover and Gross Profit Margins protected. Significant recovery in Africa in H2. Africa London Australia (LC) (LC) % growth +17.3% +5.1% +10.4% +2.7% -4.0% (LFL: -0.2%) -10.5% -4.2% -7.2% -5.6% (LFL: 2.0%) Turnover 39 174 765 324 166 373 392 18 092 21 082 158 A$’m £’m R’m H1 H2 FY 2024 H1
Slide 25: Group EBIT
Group | EBIT Strong operating leverage in Africa. Operating leverage impacted by inflation in London and Australia. London Australia Africa (LC) (LC) % growth +19.4% +29.1% +24.9% +1.0% -12.4% -5.3% -40.6% -10.3% -28.9% 4 239 90 25 2 512 1 727 14 46 44 11 A$’m £’m R’m H1 H2 FY 2024 H1 H2 FY 2024 H1
Slide 26: Group Balance Sheet
Group | Balance Sheet Balance sheet well managed. Focus on inventory management, book quality, and capex spend. Investment Inventory Stock Turn R11.6bn 2.4x Working capital well managed: -11.6% on FY 2023: 2.4x Capex FY 2023 Working • Reduction in inventory levels R2.0bn -R1.1bn on Capital • Healthy
Slide 27: Group Cash Generation
Group | Cash Generation A year of consolidation. Significant reduction in net debt. FY 2024 1,5 7,5 6,6 (0,6) Significant (1,3) reduction (1,0) in Net Debt (2,0) (0,2) 2,2 (0,9) R’bn Cash operating Working capital Trade receivables Cash generated Taxation paid Interest Paid Net Capex Acquisitions Ne
Slide 28: Group Dividends
Group | Dividends Final dividend 200 cps, up 33%. Total dividend for the year up 9.4%. Full year 1.50x 1.50x 2.00x 3.00x 2.75x dividend cover 1 187,9 1 088,8 1 029,3 1 009,0 968,9 970,7 745,0 780,0 500,0 335,0 320,0 350,0 197,9 - FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 HEPS (cents) D
Slide 29: Segmental Performance: TFG Africa
03 SEGMENTAL PERFORMANCE: TFG AFRICA Ralph Buddle Group CFO 29
Slide 30: TFG Africa Performance
TFG Africa | Performance Record sales. Record EBIT. Growth on R’m FY 2024 FY 2023 FY 2023 Retail Turnover 39,174.1 35,480.5 10.4% Environment Gross Profit 16,087.3 14,542.4 10.6% • High inflation • Sustained high interest rates Gross Margin % 41.1% 41.0% 0.1% • Continued rand weakness Net Other Inco
Slide 31: TFG Africa Performance
TFG Africa | Performance Turnover and Gross Margin 43,2% 3-year CAGR 41,4% 41,0% 41,1% 39,2 35,5 30,3 • Turnover +19.6% 22,9 • Gross Profit +19.3% 14,5 16,1 13,1 R'bn 9,5 FY 2021 FY 2022 FY 2023 FY 2024 Turnover Gross Profit Gross Margin EBIT 11,5% 11,3% 10,8% 9,6% 4,2 3,4 3,4 2,6 • EBIT +17.3% R’bn
Slide 32: TFG Africa Trading Expenses
TFG Africa | Trading Expenses Like for like costs well below inflation. Well controlled. % of Turnover 39,2% 38,7% 37,7% 37,0% 36,3% FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Growth on LFL store % of FY23 growth on FY23 Turnover Occupancy costs (pre IFRS16) 13.3% 3.8% 9.9% • Acquisition of Tapestry an
Slide 33: TFG Africa Capex
TFG Africa | Capex Capex significantly lower. Existing store footprint optimised. FY 2024 Other 6% Logistics R337m Africa Capex and Depreciation 23% Stores Contribution R739m 50% 212 New Stores R2.2bn IT R303m 21% R1.5bn R0.9bn R0.8bn FY 2023 Other 9% Logistics R245m Capex Depreciation Capex Depreci
Slide 34: TFG Africa Inventory
TFG Africa | Inventory Inventory lower, healthier, faster. Inventory Health FY 2024 20% Net Inventory 2.43x Stock Turn R10.1bn R9.8bn 51% FY 2023: 2.39x 29% R8.9bn 0-8 weeks 9-26 weeks >27 weeks FY 2023 • Closing stock, including DC -11.8% 20% • LFL store stock -7.7% FY 2023 H1 2024 FY 2024 45% 35%
Slide 35: TFG Africa Acquisitions
TFG Africa | Acquisitions Acquisitions performing well % growth +11.1% +11.7% +15.1% +9.1% +9.7% -0.4% +4.1% +0.6% R5.6bn R5.6bn R2.9bn R5.1bn R2.6bn R2.3bn R533m R536m R379m R512m R347m R302m Turnover EBIT Turnover EBIT FY 2022 Aug-Mar FY 2023 Aug-Mar FY 2022 FY 2023 FY 2024 TFG Results Presentatio
Slide 36: Segmental Performance: TFG Africa Credit
SEGMENTAL PERFORMANCE: TFG AFRICA CREDIT JANE FISHER GROUP DIRECTOR 36
Slide 37: Credit Demand
Credit | Demand Cautiously increasing accept rates ACCEPT RATES AND CREDIT TURNOVER KEY PERFORMANCE INDICATORS 60% Credit Turnover Cash Turnover 5 000 R’ Millions FY 2024: R10.0bn 2.8% FY 2024: R29.2bn 13.3% 4 000 40% 3.5% 23.1% 35,8% 34,7% H1 2024: R4.8bn H1 2024: R13.3bn 3 000 FY 2023: R9.7bn 11.0
Slide 38: Credit Performance
Credit | Performance Lower bad debt write-off growth YOY BOOK GROWTH VS BAD DEBT WRITE-OFF KEY PERFORMANCE INDICATORS 1 400 15% Buying Position Overdue values R’ Millions 31 28 30 10% 1 200 FY 2024: 81.0% FY 2024: 13.0% 5% 1 000 H1 2024: 81.8% H1 2024: 13.3% 800 0% FY 2023: 79.4% FY 2023: 13.3% 600
Slide 39: Credit Summary
Credit | Summary Income growth exceeds net bad debt and cost growth Income Bad d eb t wr ite-off Recoveries Provisions Costs EBIT 3 000 2 755 NET BAD R’ Millions INCOME R2.76bn DEBT 2 279 (R1.39m) 2 000 +21% +24.8 +3% % 1 000 717 634 718 +12% 311 146 +13% - -170 CREDIT EBIT COSTS R718m (R644m) - 1 0
Slide 40: Segmental Performance: TFG London
03 SEGMENTAL PERFORMANCE: TFG LONDON Justin Hampshire CEO TFG London Matt Wilson CFO TFG London 40
Slide 41: TFG London Performance
TFG London | Performance EBIT declines 5.3% after a record year in FY2023 Growth £’m FY 2024 FY 2023 on FY 2023 • UK macro conditions increasingly challenging in FY 2024 Revenue 323.5 337.7 (4.2%) • Normalisation in sales following unwind of post Covid pent-up demand Retail Turnover 323.5 337.7 (4.2
Slide 42: TFG London Performance Highlights
TFG London | Performance Highlights EBIT 3.7% -98.4% 7.8% 7.9% 7.8% margin % 390,0 337,7 323,5 308,6 Turnover 231,4 196,2 198,2 201,0 175,3 £’m Gross Profit £’m 82,5 14,5 24,1 26,6 25,2 EBIT FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -193,0 Performance: • EBIT margin maintained in line with prior year
Slide 43: TFG London Performance Highlights
TFG London | Performance Highlights Net Inventory (£) Inventory Health 75,0 60,2 24,2% 53,8 46.8 35,0 14,2% 61,6% £’m £’m 0 - 8 weeks 9 - 25 weeks > 180 days (25 weeks) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Inventory: Balance Sheet: • Focus on stock reduction – c.1m stock unit decrease achieved •
Slide 44: TFG London Outlook
TFG London | Outlook ECONOMIC CHALLENGES OUTLOOK • Focus on customer acquisition and retention • UK macro uncertainty • Increasing own channel mix • Consumer confidence improving but volatile • International own store launches in the US • Two years of high inflation and elevated borrowing • Continue
Slide 45: Segmental Performance: TFG Australia
03 SEGMENTAL PERFORMANCE: TFG AUSTRALIA Dean Zanapalis CEO TFG Australia Troy Wilson CFO TFG Australia 45
Slide 46: TFG Australia Performance
TFG Australia | Performance Profit down 32.3% off a strong base Growth on A$’m FY 2024 FY 2023 FY 2023 • FY 2023 saw a one-off post lockdown boom in dressy Revenue 765.0 811.5 (5.7%) product, and we maximised market opportunity at the time Retail Turnover 764.5 809.9 (5.6%) • Normalisation in FY 202
Slide 47: TFG Australia Performance
TFG Australia | Performance Second biggest year ever for TFG Australia 598 584 576 554 809,9 764,5 534 623,8 541,7 536,6 503,0 497,3 400,7 354,3 A$’m 320,3 53,9 65,1 81,5 127,1 90,3 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Turnover Gross Profit EBIT Stores Performance: • In FY 2024 we overachieved ma
Slide 48: TFG Australia Performance Highlights
TFG Australia | Performance Highlights Prior year excess Inventory levels appropriately managed Net Inventory (A$) Inventory Health 152,5 6% 8% 126,2 116,3 110,3 106,0 86% A$’m FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Current -1 season >-1 season Inventory: • Opening stock balance successfully manage
Slide 49: TFG Australia Outlook
TFG Australia | Outlook ECONOMIC CHALLENGES OUTLOOK • Consumer confidence at historic lows • Ongoing low consumer confidence • Persistent cost of living pressures • Slow economic forecast – tougher for longer • Cost of doing business pressures including award wage • Low unemployment – expected to re
Slide 50: Strategy and Outlook
04 STRATEGY AND OUTLOOK Anthony Thunström Group CEO 50
Slide 51: Looking forward
Looking forward We have invested R10bn over the past 2 years in our unique ecosystem. Those elements are ready to deliver the next phase of our growth and profitability. Rewards Stores & Manu- Brands facturing Demand-led supply chain Bash/ Omni Value Home The new Riverfields Omni-DC Bash.com Credit
Slide 52: Demand-led supply chain
Demand-led supply chain Demand-led supply chain Ramping up our new mega-DC to full operational state. Bash/ Omni Early rapid demand response trials: Location: Riverfields, Johannesburg Size: 75,000m2 Service level Lost sales % Capex: R645m 92% 85% Key objectives: 9% 1. Hold-back supporting ALL BRAND
Slide 53: Let us show you our omni
Let us show you our omni. Demand-led supply chain Bash in the hands of 35,000 employees. Bash/ Omni TFG Results Presentation – for the year ended 31 March 2024 53
Slide 54: Building out our brands. Business by business.
Building out our brands. Business by business. Stores & Brands Demand-led supply chain Key focus areas for the year ahead. Bash/ Omni Menswear Womenswear Sports Value Specialty • Expansion of QR • Continued focus on • Develop JD partnership in • Strategic supplier • Verticalisation of sofa and manuf
Slide 55: Trading update: Post year end
Trading update: Post year end. Turnover growth TFG Africa (Excl Tapestry) CY Growth -2.0% (Apr/ May FY25 v Apr/ May FY24) PY Growth 13.7% (Apr/ May FY24 v Apr/ May FY23) 2 year growth 12.9% (Apr/ May FY25 v Apr/ May FY23) Sales margin 45.2% (Apr/ May FY25) PY Sales margin 43.6% (Apr/ May FY24) TFG L
Slide 56: Q&A
We will resume in 5 minutes for the Q & A session. Enjoy your coffee break… Q&A 56
Slide 57: Disclaimer
DISCLAIMER This announcement contains certain forward-looking statements with respect to the financial conditions and results of operations of the Foschini Group Limited and its subsidiaries, which by their nature involve risk and uncertainty because they relate to events and depend on circumstances
Slide 58: Appendix
Sa > aie... APPENDIX
Slide 59: Group Income Statement
Group | Income Statement 2024 2023 % Change Rm Rm Full year Revenue 60,122.1 55,212.4 8.9 Retail turnover 56,220.7 51,778.1 8.6 Gross profit 26,954.3 24,818.6 8.6 Interest income 2,075.4 1,673.8 24.0 Other income 1,715.2 1,669.4 2.7 Net bad debt (1,394.5) (1,351.1) 3.2 Trading Expenses (110.7) (91.1
Slide 60: Group Trading Expense
Group | Trading Expense 2024 2023 % Change Rm Rm Full year Occupancy costs 6,124.8 5,420.1 13.0 Depreciation and amortisation 1,201.4 1,058.4 13.5 Employee costs 10,007.5 9,019.6 11.0 Other operating costs 6,782.2 6,488.2 4.5 Total trading expenses before IFRS16 adjustments 24,115.9 21,986.3 9.7 IFR
Slide 61: Group Statement of Financial Position
Group | Statement of Financial Position 2024 2023 % Change 2024 2023 % Change Rm Rm Full year Rm Rm Full year EQUITY AND LIABILITIES ASSETS Equity attributable to equity holders of The Foschini Group Limited 24,141.4 21,652.5 11.5 Non-current assets LIABILITIES Non-current liabilities Property, plan
Slide 62: Group Cash Flow Statement
Group | Cash Flow Statement 2024 2023 2024 2023 Rm Rm Rm Rm Cash flows from operating activities Operating profit before working capital changes 11,660.7 10,631.6 Cash flows from financing activities Decrease (increase) in working capital 877.8 (3,528.0) Shares purchased in terms of share incentive
Slide 63: TFG Africa Income Statement
TFG Africa | Income Statement 2024 2023 % Change Rm Rm Full year Revenue 43,069.4 38,895.9 10.7 Retail turnover 39,174.1 35,480.5 10.4 Gross profit 16,087.3 14,542.4 10.6 Interest income 2,069.2 1,654.9 25.0 Other income 1,715.3 1,669.4 2.8 Net bad debt (1,394.5) (1,351.1) 3.2 Trading Expenses (14,2
Slide 64: TFG London Income Statement
TFG London | Income Statement 2024 2023 % Change 2024 2023 % Change £m £m Full year Rm Rm Full year Revenue 323.5 337.7 (4.2) Revenue 7,619.5 6,900.1 10.4 Retail turnover 323.5 337.7 (4.2) Retail turnover 7,619.5 6,900.1 10.4 Gross profit 201.0 198.2 1.4 Gross profit 4,734.2 4,049.1 16.9 Trading Exp
Slide 65: TFG Australia Income Statement
TFG Australia | Income Statement 2024 2023 2024 2023 % Change % Change A$m A$m Rm Rm Full year Revenue 765.0 811.5 (5.7) Revenue 9,433.3 9,416.4 0.2 Retail turnover 764.5 809.9 (5.6) Retail turnover 9,427.1 9,397.5 0.3 Gross profit 497.3 536.6 (7.3) Gross profit 6,132.7 6,227.0 (1.5) Interest income
Slide 66: Credit: TransUnion Consumer Credit Index Q4 2023
Credit | Transunion Consumer Credit Index Q4 2023 Index recovered but significant pressure remains • The TransUnion SA Consumer Credit Index (CCI) improved from its worst level on record, rising from 39% in Q2 2023 to 47% in Q4 • Recovery primarily due to stable interest rates - household cash flow
Slide 67: Credit Additional Information
Credit | Additional Information TFG AFRICA FY24 % CHANGE TFG AFRICA FY23 Income (Rm) 2,755.1 20.9% 2,278.7 Net bad debt (Rm) (1,393.9) 3.3% (1,349.2) Credit costs (Rm) (643.6) 4.1% (618.0) EBIT (Rm) 717.6 130.4% 311.5 Number of applications 3,962,501 (11.6%) 4,484,148 Accept rates 17.7% 19.0% Number
Slide 68: Global Footprint
Global Footprint TFG STORES 4 766 COUNTRIES 23 TFG AFRICA STORES TFG LONDON STORES TFG AUSTRALIA STORES 3 621 547 598 CONTRIBUTION TO TURNOVER CONTRIBUTION TO TURNOVER CONTRIBUTION TO TURNOVER 69.7% 13.6% 16.8% TFG Results Presentation – for the year ended 31 March 2024 68
Slide 69: Footprint movement since April 2023
Footprint movement since 1 April 2023 TFG AFRICA TFG LONDON 121,0 33,0 91,0 3621,0 589,0 3524,0 547,0 -115,0 3 524 -75,0 589 Apr 23 Apr 23 3 621 547 Mar 24 Mar 24 01 Apr 23 Acquisition New Stores New outlets Closed outlets stores 31 Mar 24 01 Apr 23 New New outlets Stores Closed Closed outlets store
Slide 70: TFG Africa Footprint
TFG Africa Footprint Country Stores South Africa 3,397 Namibia 99 Zambia 29 Botswana 58 Lesotho 19 Eswatini 19 South Africa Stores Eastern Cape 347 Free State 185 Gauteng 961 KwaZulu-Natal 462 Limpopo 307 Mpumalanga 327 North West 195 Northern Cape 102 Western Cape 511 TFG Results Presentation – for
Slide 71: TFG London footprint
TFG London footprint Total Standalone Europe Concessions Stores Stores UK & Ireland 386 156 230 Switzerland 6 6 0 Germany 23 2 21 Spain 18 0 18 Netherlands 9 2 7 Total Standalone North America Concessions Stores Stores USA 29 0 29 Mexico 34 0 34 Total Standalone Asia Concessions Stores Stores Hong K
Slide 72: TFG Australia footprint
TFG Australia footprint Total Standalone Australia Concessions Stores Stores Australia 559 519 40 New Zealand 39 39 0 TFG Results Presentation – for the year ended 31 March 2024 72