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Truworths 18-week sales up 7% to R3.5bn

8 Nov 2013

Truworths International's group retail sales for the first 18 weeks of its financial year rose by 7% to R3.5bn‚ compared with a 15.9% increase in the corresponding previous period‚ with credit sales growth of 5% and cash sales growth of 12%.

Truworths says market conditions remain tough. Image: Sandton City

In its preliminary report‚ published in August‚ the board predicted that the economy and consequently the credit environment were unlikely to improve in the 2014 financial year and said restrictive credit-granting criteria were likely to limit account acquisition and credit sales.

Like-for-like store retail sales for the 18-week period reflected an increase of 2% while product inflation averaged 6%. Credit sales comprises 71% of retail sales during the period.

Truworths said that the trade receivables book has increased by 9% from a year earlier to R4.3bn.

The group said it had extensive experience in managing credit risk in tough market conditions and would continue to apply strategies to ensure the continued health of the debtors' book and profitability of the business.

The group's interim results for the 26-week period will be released in February next year.

Source: I-Net Bridge

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