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TRUWORTHS INTERNATIONAL LIMITED - Business Update

Release Date: 07/11/2013 09:45
Code(s): TRU     PDF:  
Wrap Text
Business Update

Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/017491/06)
JSE Code: TRU
NSX Code: TRW
ISIN: ZAE000028296

BUSINESS UPDATE

In the board’s outlook paragraph in the Group’s 2013 preliminary report published
on 22 August 2013, predictions were that the economy and consequently the credit
environment were unlikely to improve in the 2014 financial period and restrictive
credit granting criteria were likely to limit account acquisition and credit sales.

Against this backdrop, Truworths International Limited (the Group) announces that
Group retail sales for the first 18 weeks until 3 November 2013 of the 2014 financial
period increased by 7% to R 3.5 billion, compared to a 15.9% increase in the
corresponding prior period, with credit sales growth of 5% and cash sales growth of
12%.

Like-for-like store retail sales for the 18 week period reflected an increase of 2%
while product inflation averaged 6%. Credit sales comprised 71% of retail sales
(2013: 72%) during the period.

The trade receivables book has increased by 9% over the corresponding prior
period-end to R 4.3 billion. As previously advised, the Group has extensive
experience in managing credit risk in tough market conditions and will continue to
apply strategies to ensure the continued health of the debtors’ book and profitability
of the business.

Shareholders are advised that this update does not constitute an earnings forecast,
and that the financial information provided has neither been reviewed nor reported
on by the external auditors. The Group’s interim results for the 26 week period
ending 29 December 2013 are scheduled for release on or about 20 February 2014.


7 November 2013
Cape Town
JSE Sponsor: One Capital
NSX Sponsor: Old Mutual Investment Services (Namibia) (Pty) Ltd

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