South African retailer The Foschini Group (TFG) on Friday posted a 4% fall in annual profit, hurt by increased inflationary pressure on consumers and worsening power cuts.
The company reported a headline earnings per share - the main profit measure in South Africa - of 969 cents for the year ended March 31, down from 1,009 cents a year earlier.
Like other retailers, the owner of sports apparel Totalsports and jewelry store Sterns has had to endure soaring inflation and incessant power cuts.
Stores have seen a decreased footfall due to the power cuts, the company said, and estimates the rolling blackouts to have reduced turnover at its Africa operation in excess of R1.5 billion ($79.63 million).
South Africa is facing its worst rolling blackouts on record, leaving households and businesses without power for up to 10 hours daily.
Reuters