Fashion retailer Truworths expects half-year earnings around flat after African sales fall

About this update from Truworths International Limited

South African fashion retailer Truworths International JSE:TRU said on Thursday its half-year profit was likely to be flat to around 2% higher as constrained consumer spending has led to lower sales at its Africa business.Truworths, which also operates in the UK, said it expects headline earnings per share - one of the main profit measures used in South Africa - to be between 489 cents and 499 cents in the six months ended December 28, from 489.2 cents in the prior year when HEPS fell 4.6%. During that period, which included Black Friday and Christmas shopping, group retail sales were unchanged at 12.5 billion rand ($771.59 million), relative to the 26 weeks ended December 29, 2024.Truworths Africa's retail sales performance remained constrained, albeit at a slightly higher gross margin, as South African consumers continue to face significant financial pressure. Sales decreased by 3.6%, the retailer said.In contrast, its UK-based shoe retailer Office posted a 6.4% sales growth in Sterling terms, "supported by its unique positioning, strong brand appeal and the success of its store development and remodelling programme." ($1 = 16.2003 rand)

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