The Foschini Group’s online sales now make up almost 10% of the JSE-listed retail group’s turnover, or more than double the market average.
Announcing its interim results for the six months to end-September 2023, TFG said group online retail turnover rose 23.9% year on year to reach R2.6-billion, contributing 9.8% of the total. It attributed the growth to a strong performance by its South African businesses.
Despite tough economic conditions, TFG lifted group revenue by 12.9% to R28.4-billion, supported by the “continued expansion of our footprint and brand portfolio, and further growth in online retail turnover in South Africa”.
Retail turnover rose 12.4% to reach R26.4-billion. Headline earnings per share, however, fell by 15.3% due to higher financing costs. It declared an interim dividend of R1.50/share, down from R1.70/share a year ago.
TCS | Superbalist founders on their new venture, Bash
TFG, whose brands include @home, Markham, Foschini and American Swiss, earlier this year launched Bash, an online fashion brand created by Luke Jedeikin and Claude Hanan. The pair are well known for founding Superbalist, the online fashion store bought in 2014 by Takealot Group. – © 2023 NewsCentral Media
