VENTURES AFRICA – JSE-listed clothing retailer, Truworths International, on Friday said sales for the 52 weeks to end-June this year surged 6.8 percent to R10.8 billion ($1bn).
Truworths said during the period under review the company posted a credit sales growth of 5 percent and a cash sales growth of 11 percent.
“The trade receivables book has increased by 11.8% over the corresponding prior period-end to R 4.7 billion. As a result of strategic credit-related decisions taken during the prevailing tough market conditions, growth in trade receivable costs slowed in the second half of the period,” Truworths said on Friday.
“The period saw continued movement from the 6 month interest free payment plan to longer term interest bearing payment plans,” it continued in the firm’s trading update.
Truworths International is an investment holding firm listed on the JSE which currently comprises Truworths Limited and the international franchise operations.
The retailer is a leading South African retailer of fashion merchandise. The operation has developed a range of specialised retail formats including Truworths Woman, Truworths Man, Daniel Hechter, Inwear and LTD.
Truworths has more than 500 stores in South Africa and 5 franchise operations in Africa.
The firm’s companies are engaged in the retailing of fashion apparel and accessories. The Truworths International Retail Group incorporates Identity, YDE and Uzzi.