South African fashion retailer Truworths International reported on Thursday that its half-year profit increased by 1.3%, supported by strong performance at its UK shoe chain Office, which helped offset weaker sales in its Africa business due to soft consumer spending, according to Reuters.
— Headline earnings per share (HEPS) rose to 495.4 cents for the six months ended December 28. Group trading profit, which excludes interest income, increased by 2.8% to 2.1 billion rand ($132 million).
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— By 1424 GMT, Truworths shares were up 3.65%, after the company reported HEPS at the upper end of its guidance range of 489 cents to 499 cents.
— Group retail sales remained flat at 12.5 billion rand.
— Gross profit margin was also unchanged at 51.8%.
— Retail sales at Truworths Africa declined by 3.6% to 7.9 billion rand, in contrast, UK-based shoe retailer Office recorded a 6.4% increase in sales to 191.9 million pounds ($259.72 million).
The company declared an interim dividend of 321 cents per share, representing a 1.3% increase.
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Image Credit: Reuters
