Foschini trading 'above expectations'

At its interim results, Foschini had indicated that it expected the retail environment to be difficult for the remainder of the year as consumers have to contend with high interest rates and high inflation.

Group sales for the 3 months October to December 2008 increased by 8.7% with same store sales growing by 2.7%.

Average merchandise inflation for the period was approximately 7.5%, it said.

"Our retail debtors' book continues to be well managed, reflecting positive collections with net bad debts as a percentage of debtors' book at similar levels to those reported in our interim results," it said.

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