JOHANNESBURG – Clothing retailer Truworths is to focus more on its account offerings after sales in the category increased 5 percent in the first 17 weeks of its 2020 financial year to constitute 52 percent of retail sales.
In a trading update yesterday for the 18 weeks to November 4, Truworths said retail sales Africa increased by 2 percent to R6.3 billion.
Cash sales fell by 1 percent over the same period. It said the percentage of active account holders able to purchase and overdue balances as a percentage of gross trade receivables were at 85 and 13 percent, respectively.
“Although the trading environment is expected to remain challenging, the group continues to utilise its extensive experience to manage the risk of fashion through its proven merchandise design and buying processes, and manage the risk of the book through continuing to apply strategies to ensure the on-going health of the portfolio,” the group said.
Retail sales for the group’s UK-based Office segment were unchanged in sterling terms at £95 million (R1.81bn).