The Foschini Group: Bonus boosts chief executive’s pay 78%

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THE Foschini Group, a clothing and homeware retailer with more than 2 000 stores in sub-Saharan Africa, raised chief executive Doug Murray’s pay 78 percent as it paid out a performance bonus. Murray earned R10.95 million in the year to March, including guaranteed pay of R6.34m and a bonus of R4.62m, the Cape Town-based company’s annual report showed yesterday. That compares with guaranteed pay of R6.16m a year earlier, when no performance-related bonus was paid. Murray was also awarded deferred stock valued at R11.88m, after R11.04m the previous year. The Foschini Group reported a 6 percent increase in headline earnings a share to R9.03 in the year to March. The company increased cash sales, helping offset weaker consumer confidence and spending. The retailer might open its first stores in Kenya in the next 12 to 18 months, Murray told reporters in Johannesburg yesterday. The Foschini Group would probably enter east Africa’s biggest economy with menswear chain Markhams and introduce a grouping of stores including ladieswear chain Foschini, homeware chain @Home, Sportscene and jewellery brands American Swiss or Sterns. Full-year sales growth in The Foschini Group’s 120 African stores outside its home market was 26 percent. The shares climbed 3.79 percent to close at R122.11 yesterday. – Bloomberg

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