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Truworths retail sales up 10% to R2.3bn
Retail group Truworths today, Thursday 5 November 2009, announced that group retail sales for the first 18 weeks, from June 29 until November 1 2009, of the 2010 financial year increased by 10% to R2.3 billion relative to the corresponding period in the 2009 financial year.
Comparable same-store retail sales increased by 2%, product inflation measured approximately 12% and trading space increased by 9% relative to the corresponding period in 2009, it said.
"Retail trading conditions remained difficult and South African consumers are still under pressure despite declining interest rates.
"Conditions are expected to remain challenging for the balance of the 2010 financial year, in line with announcements made in the Group's preliminary and annual reports for the year to June 2009," said Truworths.
"Management will continue to focus on expense control, managing the risk of credit and consistently applying its merchandise strategies to ensure that the risk of fashion is appropriately managed.
"The debtors' book increased by 11% to R2.6 billion relative to the corresponding period in 2009 and the performance of the debtors' book remains satisfactory and in line with management's expectations."
Truworths advised shareholders that this update did not constitute an earnings forecast, and that the financial information provided had neither been reviewed nor reported on by the external auditors.
The Group's interim results for the 26-week period to December 27 2009 are scheduled to be announced on or about February 18 2010.
Published courtesy of
