Truworths meets forecasts, shares surge

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

Johannesburg - South Africa's biggest-listed clothes retailer Truworths broadly met forecasts with a slight growth in annual profit though the increase was at its slowest pace since 1999 as debt-laden consumers spend guardedly.

Truworths, which sells about three quarters of its products via its own store credit cards, said headline earnings per share edged up 1.5 percent to 569.3 cents in the year ended June, largely in line with a 570 cents estimate in a Reuters poll of 13 analysts.

Headline earnings per share, the most widely watched profit measure in South Africa, strips out certain one off items.

Shares in the Cape Town-based company surged 5 percent to 69 rand by 15:38 SA time, outpacing a slightly weaker All-share index. - Reuters

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