The Foschini Group share price was the biggest gainer on the JSE on Friday, closing 11.3% higher after it reported a 33% uplift in its final dividend to 200 cents a share for the year to March 31. The share prices of the two other largest clothing groups on the JSE, Mr Price and Truworths, were also top gainers on the bourse, with their share prices ending Friday 5% and 5.
16% higher, respectively. TFG chief executive Anthony Thunström said they had grown revenue aggressively at the expense of competitors and had managed costs tightly. The group has a portfolio of 34 retail brands, with over 4700 outlets in 23 countries on five continents, offering products including fashion and sport apparel, jewellery, cosmetics, electronics, homeware and furniture.
“In many cases, revenues, margins, gross profit and earnings before interest and tax (EBIT) have been at record levels in rand terms across all of our territories, demonstrating the strength of our diversified business,” he said in a statement. TFG Africa’s retail turnover grew 10.4%, driven largely by clothing, with a strong performance in Womenswear and Sport, as well as Homeware.
E-commerce platform Bash saw additional investment and online retail turnover grew 44.4% and contributed 4.2% to retail turnover.
Group EBIT was up 24.9% to R4.2 billion.
TFG London experienced elevated inflation and interest rates, and retail turnover of R7.6bn was 10.4% higher.
Gross profit margins were maintained through inventory managemen.