SA's Foschini Group posts higher Q3 sales
SA's Foschini Group posts higher Q3 sales

SA's Foschini Group posts higher Q3 sales

The Group received approvals to buy the rest of Jet's operations in Botswana, the Kingdom of Eswatini, Lesotho and Namibia.
Phillepus Uusiku
South African fashion retailer The Foschini Group (TFG) reported a 5.5% rise in third-quarter turnover on Tuesday, thanks to its acquisition of budget clothing retailer Jet and strong online sales growth during the Covid-19 pandemic.

The announcement came even as its two main markets, Britain and South Africa, are reeling under subdued consumer demand due to lower spending and local restrictions.

Group turnover for the three months ended Dec. 26 rose to 12.2 billion rand from 11.6 billion rand, the company said. Its shares rose after the announcement and were up almost 10% at 1330 GMT.

TFG said online group turnover rose 32.3% for the quarter ended Dec. 26, with a 114.1% jump in TFG Africa. Group online sales contributed 12% to nine-month-ended Dec. 26 overall group sales.

TFG Africa, its biggest unit which houses Jet stores, grew turnover by 14.7%, boosted by its clothing and homeware divisions.

Europe

Sales in TFG Australia, its third operating region, were up 0.4% in Australian dollars, supported by minimal lockdown restrictions in November and at the start of December, which resulted in a strong sales trend into Christmas, TFG said.

In London, sales performance continues to be negatively impacted by a government-enforced national lockdown and reduced levels of consumer demand for occasion and formal workwear. Sales plunged 41.4% in British pounds.

It said it does not expect a near-term recovery in sales in Britain amid the latest lockdown.

Excluding the Jet acquisition, which added 1.2 billion rand (N$80.42 million) to group turnover, group third-quarter sales fell by 4.8% to 11.1 billion rand.

TFG bought Jet in September from struggling department chain owner Edcon after it filed for business rescue earlier this year.

On Tuesday it said it had received further approvals to buy the rest of Jet's operations in Botswana, the Kingdom of Eswatini, Lesotho and Namibia. - Nampa/Reuters

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Namibian Sun 2024-11-07

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 694.20/OZ UP +1.13% | Copper US$ 4.41/lb UP +4.26% | Zinc US$ 3 087.30/T UP 3.6% | Brent Crude Oil US$ 74.62/BBP DOWN -0.0116 | Platinum US$ 988.20/OZ UP +0.40% Sport results: Premier League: Fulham 2 vs 1 Brentford Weather: Katima Mulilo: 22° | 36° Rundu: 20° | 31° Eenhana: 21° | 31° Oshakati: 21° | 31° Ruacana: 20° | 31° Tsumeb: 19° | 26° Otjiwarongo: 18° | 23° Omaruru: 20° | 32° Windhoek: 17° | 29° Gobabis: 19° | 28° Henties Bay: 16° | 22° Wind speed: 19km/h, Wind direction: SW, Low tide: 12:28, High tide: 06:39, Low Tide: 00:56, High tide: 18:52 Swakopmund: 15° | 18° Wind speed: 19km/h, Wind direction: W, Low tide: 12:26, High tide: 06:37, Low Tide: 00:54, High tide: 18:50 Walvis Bay: 15° | 24° Wind speed: 23km/h, Wind direction: W, Low tide: 12:26, High tide: 06:36, Low Tide: 00:54, High tide: 18:49 Rehoboth: 20° | 30° Mariental: 22° | 35° Keetmanshoop: 24° | 36° Aranos: 20° | 34° Lüderitz: 14° | 24° Ariamsvlei: 22° | 36° Oranjemund: 15° | 24° Luanda: 25° | 27° Gaborone: 19° | 27° Lubumbashi: 17° | 33° Mbabane: 13° | 24° Maseru: 12° | 25° Antananarivo: 14° | 30° Lilongwe: 22° | 29° Maputo: 19° | 26° Windhoek: 17° | 29° Cape Town: 17° | 22° Durban: 16° | 23° Johannesburg: 15° | 26° Dar es Salaam: 26° | 31° Lusaka: 20° | 31° Harare: 17° | 30° Economic Indicators: Currency: GBP to NAD 22.4 | EUR to NAD 18.68 | CNY to NAD 2.42 | USD to NAD 17.28 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.34 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.05 | RUB to NAD 0.18 | INR to NAD 0.2 | USD to DZD 132.74 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.22 | USD to KES 129.2 | USD to NGN 1680.41 | USD to ZAR 17.29 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1858.03 Down -1.09% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 31045.26 Up +0.82% | Botswana Stock Exchange (BSE) DCI 9878.53 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 694.20/OZ UP +1.13% | Copper US$ 4.41/lb UP +4.26% | Zinc US$ 3 087.30/T UP 3.6% | Brent Crude Oil US$ 74.62/BBP DOWN -0.0116 | Platinum US$ 988.20/OZ UP +0.40%