The Foschini Group – which also owns @home, the American Swiss and various other retail brands – expects its core earnings per share to be 403-413% higher for the year to the end of March compared to the previous year.

In the last quarter of the financial year, its retail turnover increased by almost 24% compared to the same quarter of 2021.

Its operations in South Africa and other African countries reached record quarterly sales after growing by 16%. Clothing sales jumped 20%, while household goods rose 17% in three months. This was despite the fact that TFG lost another 82,000 trading hours in the quarter due to load shedding.

The group said it had received “further growth in market share despite high retail competition and increased pressure on the consumer’s wallet”.

He benefited from a localized supply chain and a fast-response clothing search company that provided “valuable isolation” from international supply chain disruptions while improving clothing profits.

In recent years, TFG has moved most of its garment production from China to South Africa.

Three months before the end of March, TFG Australia recorded an increase in retail sales of 11.5% (in Australian dollars), after lifting most restrictions on blocking in this country.

TFG London increased retail sales growth by almost 92%.

Last year, the group opened 300 stores in different areas.

TFG’s share price rose more than 1% in trading on Friday morning. This year, its shares have risen by 14%.

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