South African fashion retailer Truworths' half-year profit rises 1.3%

About this update from Truworths International Limited

South African fashion retailer Truworths International JSE:TRU reported on Thursday a 1.3% rise in half-year profit as strong sales at its UK shoe chain Office offset weakness in its Africa business due to subdued consumer spending.Headline earnings per share (HEPS) rose to 495.4 cents in the six months ended December 28, while group trading profit, which excludes interest income, increased 2.8% to 2.1 billion rand ($132 million).By 1424 GMT, the shares were up 3.65%, boosted by the retailer posting HEPS at the top end of its 489 cents to 499 cents guidance range.Group retail sales were unchanged at 12.5 billion rand.Gross profit margin was also unchanged at 51.8%.Truworths Africa's retail sales fell by 3.6% to 7.9 billion rand. In contrast, UK-based shoe retailer Office posted a 6.4% rise in sales to 191.9 million pounds ($259.72 million).Truworths declared an interim dividend of 321 cents per share, up 1.3%.($1 = 15.9059 rand)($1 = 0.7389 pounds)

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