CASH is king for the Foschini Group (TFG) with cash retail turnover growth in its Africa business jumping by 37 percent in the second quarter of its 2022 financial year.
TFG, which owns brands including Foschini, JET and Total Sports, on Friday said cash retail turnover now contributes 69.9 percent of total TFG Africa retail turnover and 79.1 percent to total group retail turnover.
The group said credit retail turnover for the second quarter of its 2022 financial year (the six months ended September 30 this year) grew by 10.6 percent compared to the same quarter in the 2021 financial year, but declined by 12.6 percent compared to the same quarter in the 2020 financial year.
“Average approval rates for new accounts have normalised at 25 percent in the first half of the 2022 financial year, but overall credit retail turnover continues to be purposely restricted by stringent acceptance criteria in line with the prevailing economic conditions,” said the group.
TFG Africa opened 54 new stores during the past quarter, while 24 stores were closed. At the end of the quarter, TFG Africa traded from 3 001 stores, up from 2 929 as at March 31, 2021.
TFG Africa’s turnover growth was 28 percent in the second quarter of its 2022 financial year.
BUSINESS REPORT ONLINE