Truworths Full Year Profit Drops 2.6 Percent
South African fashion retailer Truworths reported a 2.6 percent decline in full-year profit as challenging economic conditions weighed on sales. The group declared a lower final dividend as retail sales and margins faced pressure.
Insights:
South Africa fashion retailer Truworths posted a 2.6% decline in full-year profit, falling to headline earnings of 732.2 cents per share for the 52 weeks ended June 28. The drop matched earlier company guidance as high fuel costs and cautious consumer spending squeezed retail demand. Group retail sales slipped 0.9% to 21.8 billion rand, while the final dividend was cut to 153 cents per share from 170 cents previously.
