Truworths forecasts increase in profits

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Truworths1 INDEPENDENT MEDIA A Truworths store. Picture: Mxolisis Madela.

Truworths International (TRU) advised on Friday that it expects both basic earnings and headline earnings per share for the first 26 weeks of the 2013 financial year will be between 16% and 20% higher relative to the corresponding period in the 2012 financial year.

In the 26 week period from 2 July until 30 December 2012‚ group retail sales increased by 14.8% to R5.5 billion. Comparable store retail sales grew by 9.8%‚ trading space increased by 8.1% relative to the prior corresponding period-end and product inflation averaged 3%.

At the end of the 26 week period the group´s gross trade receivables had increased by 15.8% to R4.5 billion relative to the prior period-end. Credit sales contributed 72% to retail sales compared with 73% in the prior period.

As anticipated by management‚ the credit environment has become more challenging with consumer delinquency levels increasing nationally‚ the retailer said.

The group’s interim result will be released on or about Wednesday‚ 20 February 2013. - I-Net Bridge

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