Truworths: Shares leap as annual profit inches up

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 a share edged up 1.5 percent to R5.693 in the 52 weeks to June 29. This was largely in line with the estimate of R5.70 in a poll of 13 analysts. Group retail sales increased by 6.8 percent to R10.8 billion. Shares in South Africa’s biggest listed clothing retailer soared by 8.14 percent to close at R71.05 yesterday. – Reuters