Truworths sees higher earnings
Retailer Truworths said on Friday, 14 January 2011, it expected that both basic and headline earnings per share for the first 26 weeks - from 28 June until 26 December 2010 - of the financial year to be between 17% and 20% higher, relative to the corresponding period in the 2010 financial year.
In the 26-week period, group retail sales increased by 15.3% to R4.4 billion, while comparable retail sales increased by 10.6% and product inflation averaged 1%.
Truworths said that trading space increased by 4.4% relative to the prior corresponding period-end.
At the end of the 26-week period, the group's gross debtors' book had increased by 16% to R3.3 billion, relative to the corresponding date in 2010.
"Credit sales contributed 70% to retail sales and the debtors' book continued to perform satisfactorily as anticipated by management," it said.
The group's interim results are scheduled to be announced on 21 February.