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Condensed consolidated financial statements for the year ended 31 March 2025, ordinary and preference share dividend
THE FOSCHINI GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
LEI: 3789PTO7LG718IG59F97
JSE / A2X share code: TFG
Ordinary share code: TFG
ISIN: ZAE000148466
Preference share code: TFGP
ISIN: ZAE000148516
("TFG" or "the Company" and together with its affiliates "the Group")
Condensed consolidated financial statements for the year ended 31 March 2025, ordinary and preference share
dividend declarations
SALIENT FEATURES
- Group revenue up 4,1% to a record R62,6 billion;
- Group online sales now contributing 12,0% (FY2024: 9,9%) to total sales;
- Gross profit up 6,7% to a record R28,8 billion;
- Gross margin up 150 basis points to 49,4%;
- Operating profit up 4,4% to a record R6,2 billion;
- TFG Africa operating profit up 12,3%;
- Basic earnings per share (EPS) up 4,9% to 980,6 cents (FY2024: 934,7 cents), and headline earnings per share
(HEPS) up 4,6% to 1 015,6 cents (FY2024: 970,7 cents);
- Final dividend declared of 230,0 cents per share (March 2024: 200,0 cents per share), up 15,0%.
GROUP FINANCIAL PERFORMANCE
An improved trading performance in the second half of the year by TFG Africa, supported by store expansions and the
acquisition of White Stuff in the UK, saw Group sales grow 3,6%. Improved gross margins, and a continued focus on
cost management by all business segments produced a 4,4% increase in operating profit, to a record R6,2 billion.
Sales growth (in ZAR) in each business segment:
H1'2025 H2'2025 FY2025
Business vs vs vs FY2025 contribution
Segment H1'2024 H2'2024 FY2024 to Group sales
TFG Africa (0,1%) 7,0% 3,7% 69,7%
TFG London* (8,7%) 38,2% 15,3% 15,1%
TFG Australia (4,1%) (7,7%) (6,0%) 15,2%
Group* (2,0%) 8,7% 3,6%
* Excluding the acquisition of White Stuff (effective 25 October 2024), Group comparable sales grew by 0,3% and TFG
London sales declined by 9,5% for the full year^.
181 stores were opened during the year, with a further 169 stores added through the acquisition of White Stuff. 193
stores were closed. The Group now trades out of 4 923 stores across 23 countries.
Stores TFG Africa TFG London TFG Australia Group
Opening balance at
1 April 2024 3 621 547 598 4 766
Acquisitions - 169 - 169
New stores 82 67 32 181
Closed stores (89) (84) (20) (193)
Closing balance at
31 March 2025 3 614 699 610 4 923
SEGMENTAL PERFORMANCE UPDATE
TFG AFRICA
TFG Africa grew sales by 7,0% (and by 5,6% on a like-for-like basis) in the second half of the year as the base normalised
from the prior year first half's clearance activity with all brands and categories showing improvement, generating full-
year growth of 3,7% (like-for-like: 3,2%). Particular strong growth ahead of the market has come from womenswear,
beauty and jewellery, as well as our more recently acquired businesses, Jet and Tapestry, where our Group platform
has provided credit, online, and distribution capabilities to further accelerate sales and profit growth.
Online sales grew by 43,5% and now contribute 5,8% (FY2024: 4,2%) to total TFG Africa sales, driven by the continued
strong performance of our Bash platform, which has moved into profitability two years ahead of expectation.
TFG Africa's sales growth (in ZAR) per merchandise category:
FY2025 contribution
Merchandise FY2025 vs to TFG Africa
category H1'2025 vs H1'2024 H2'2025 vs H2'2024 FY2024 sales
Clothing (1,0%) 6,7% 3,1% 72,0%
Homeware 6,1% 9,5% 7,9% 14,2%
Beauty 11,6% 21,5% 17,0% 3,0%
Jewellery 1,1% 8,1% 5,0% 3,8%
Cellular (7,1%) (1,2%) (4,1%) 7,0%
Total TFG Africa (0,1%) 7,0% 3,7%
Gross margin recovered fully from the prior year's first half clearance activity increasing 150 basis points to 42,6% to
record gross profit of R17,3 billion, an increase of 7,6% on the prior year.
Credit sales grew 5,6% and now contribute 25,9% (FY2024: 25,4%) of total TFG Africa sales with the debtors book
growing by 7,3% to R8,9 billion. Acceptance rates for new accounts increased by 2,4% to 20,1% (FY2024: 17,7%) whilst
improved payment behaviour saw an improvement in the total provision ratio to 17,9% (FY2024: 18,7%).
TFG LONDON
Following the acquisition of White Stuff with effect from 25 October 2024, TFG London increased sales by 16,4% in GBP,
and 8,6%^ lower on a comparable basis. White Stuff continues to perform well ahead of the UK apparel market, with
full-year sales growth of 20,3%^. While the other brands within the UK segment were more impacted by the continued
weak UK economy, Hobbs and Whistles are now experiencing positive sales growth into Spring/Summer.
Improved inventory management with a focus on clearance and the direct-to-consumer channel, as well as a significant
decrease in the Red Sea disruption experienced in the prior year saw gross margin increase by 3,4% to 65,5%, which,
together with cost and overhead reduction strategies, protected profit from the lower sales activity.
The addition of White Stuff to the portfolio saw store sales increase 11,8% and online sales grow 22,5%. Online sales
now contribute 44,8% (FY2024: 42,7%) of total TFG London sales. The UK portfolio has consistently returned mid-single
digit EBIT margins through the post-Covid period with White Stuff now bringing added platform and scale benefits to
the segment.
TFG AUSTRALIA
TFG Australia continued to face difficult trading conditions with consumers under sustained cost-of-living pressure.
Sales were 2,6% lower in AUD, with a mixed performance throughout the second half in a highly promotional market,
impacted also by cyclone Alfred in the fourth quarter.
Gross margin was protected by deliberate inventory management and trading strategies, ending 80 basis points lower
at 64,3%. With half the A$18 million contraction in gross profit protected by savings in costs and overheads, the
segment still returned an impressive EBIT (before brand impairment charge) of A$81 million, equating to 10,9% of
sales^.
The brand impairment charge of A$5 million relates to the carrying value of the Tarocash brand, which was trimmed by
11,4% because of the transfer of its "big and tall" business to specialty brand Johnny Bigg. The brand equity generated
by Johnny Bigg is not recognised as an asset under IFRS but is more than reflected in profit.
While store sales declined 3,4%, online sales grew by 7,3% and now contribute 8,1% (FY2024: 7,3%) to total TFG
Australia sales.
OUTLOOK
The South African economy is starting to show signs of improvement with positive inflation, interest rate, fuel cost and
other indicators, although low consumer confidence, as well as the possibility of further loadshedding, remains a
concern. For the eight weeks ended 24 May 2025 TFG Africa's sales have increased by 9,9%.
We expect to open over 100 new stores during the 2026 financial year, while continuing to optimise our store portfolio.
The Riverfields distribution centre is now close to fully operational, and this, together with our other growth and
efficiency strategies are expected to continue to improve operating margins and capital returns in 2026 and beyond.
While the UK economy remains under pressure, we are encouraged both by the continued strong performance of
White Stuff, and the recent improvement in Spring/Summer sales in other brands within the UK portfolio. Sales growth
was 10,8% (in GBP) for the eight weeks ended 24 May 2025. Excluding White Stuff, which is non-comparable for the
period, sales declined by 1,7%.
In Australia, sales have contracted by 3,4% (in AUD) in the eight weeks ended 24 May 2025. Although trading conditions
remain challenging, the economy appears to be stabilising with two quarter-percent interest rate reductions in recent
months. After a weaker April, sales in May grew by 2,3%.
Through our strong balance sheet and robust strategies, we are confident in our ability to deliver against our medium-
and long-term targets, and we are well positioned to benefit from improved macroeconomic conditions and consumer
recovery across all geographies to drive long-term shareholder value creation.
Any forecast financial information contained herein has not been reviewed or reported on by the Group's external
auditors.
^ Non-IFRS measures are in respect of Group and TFG London sales excluding White Stuff and TFG Australia EBIT
excluding the brand impairment – refer to note 19 of the reviewed condensed consolidated financial statements for
the year ended 31 March 2025.
FINAL ORDINARY CASH DIVIDEND DECLARATION
Notice is hereby given that the directors have declared a final gross cash dividend of 230,0 cents (184,0 cents net of
dividend withholding tax) per ordinary share for the period ended 31 March 2025.
The dividend has been declared from income reserves.
A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt. The issued share capital
at the declaration date is 331 027 300 ordinary shares.
The salient dates for the dividend will be as follows:
Publication of declaration data Friday, 6 June 2025
Last day of trade to receive a dividend Tuesday, 15 July 2025
Shares commence trading "ex" dividend Wednesday, 16 July 2025
Record date Friday, 18 July 2025
Payment date Monday, 21 July 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 16 July 2025 and Friday, 18 July
2025, both days inclusive.
PREFERENCE CASH DIVIDEND DECLARATION
Notice is hereby given that the directors have declared a gross preference dividend (no. 177) of 3,25% or 6,5 cents per
share (5,20 cents net of dividend withholding tax) per preference share for the period ending 30 September 2025.
The dividend has been declared from income reserves.
A dividend withholding tax of 20% will be applicable to all shareholders who are not exempt.
The issued share capital at the declaration date is 200 000 preference shares.
The salient dates for the dividend will be as follows:
Publication of declaration data Friday, 6 June 2025
Last day of trade to receive a dividend Tuesday, 9 September 2025
Shares commence trading "ex" dividend Wednesday, 10 September 2025
Record date Friday, 12 September 2025
Payment date Monday, 15 September 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 10 September 2025 and Friday,
12 September 2025, both days inclusive.
RESULTS PRESENTATION WEBCAST
A live webcast of the results presentation will be broadcast at 11:00 am (SAST) on Friday, 6 June 2025. A registration
link for the webcast will be available on the Company's website at www.tfglimited.co.za. The slides for the annual
results presentation will be made available on the Company's website prior to the commencement of the webcast. A
delayed version of the webcast will be available later on the same day.
Signed on behalf of the Supervisory Board.
M Lewis A E Thunström
Chairman Chief Executive Officer
Cape Town
5 June 2025
Date of release on SENS: 6 June 2025
ABOUT THIS ANNOUNCEMENT
This results announcement is the responsibility of the Company's directors and is only a summary of the information
contained in the full reviewed condensed consolidated financial statements for the year ended 31 March 2025 ("FY2025
results"). The FY2025 results were approved by the Board of Directors on 5 June 2025 and the information in this
announcement has been correctly extracted from the FY2025 results. As this announcement does not contain full
details, any investment decisions by investors and/or shareholders should be based on consideration of the FY2025
results, which are available through the JSE cloudlink:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/TFG/FY2025.pdf and on the Company's website at
https://tfglimited.co.za/investor-information/financial-reports-and-presentations/.
This announcement has not been reviewed or reported on by the Group's external auditors. The Group's auditors,
Deloitte & Touche, have reviewed the FY2025 results and expressed an unmodified review conclusion thereon.
DIRECTORATE AND STATUTORY INFORMATION
Non-executive Directors:
M Lewis (Chairman), C Coleman, G H Davin, D Friedland, B L M Makgabo-Fiskerstrand, A D Murray, E Oblowitz, J N
Potgieter, N L Sowazi, R Stein
Executive Directors:
A E Thunström, R R Buddle
Company Secretary:
D van Rooyen
Registration Number:
1937/009504/06
Tax Reference Number:
9925/133/71/3P
Registered Office:
Stanley Lewis Centre, 340 Voortrekker Road, Parow East, 7500, South Africa
Transfer Secretaries:
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa
Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 06-06-2025 09:00:00
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