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Trading update for the 53-week period ended 2 July 2017
Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
JSE Code: TRU
NSX Code: TRW
ISIN: ZAE000028296
TRADING UPDATE FOR THE 53-WEEK PERIOD ENDED 2 JULY 2017
Truworths International Limited (the ‘Group’) has continued to experience a challenging
trading environment during the second half of the 53-week period ended 2 July 2017 (‘the
current period’).
Group retail sales for the current period increased by 8.6% (6.1% on a pro forma 52-week
basis*) to R18.5 billion compared to the prior 52-week period ended 26 June 2016 (‘the prior
period’). The prior period results include the non-comparable 31 weeks’ sales of the Group’s
UK business, Office.
Credit sales comprised 50% (2016: 53%) of Group retail sales for the current period, with
credit sales increasing by 2.4% and cash sales increasing by 15.7% relative to the prior period.
Retail sales for the Group, excluding Office, increased by 1.0% (decreased by 1.5% on a pro
forma 52-week basis*) to R13.4 billion relative to the prior period’s R13.3 billion. Credit sales
comprised 70% of these retail sales (2016: 70%) for the current period. Trading space
increased by 1.6%.
Office recorded retail sales for the current period of £294 million (R5.1 billion) (£289 million
{R5.0 billion} on a pro forma 52-week basis*), relative to the comparable prior period’s retail
sales of £281 million (R6.0 billion). Of these retail sales, £169 million (R3.8 billion) was
included in the Group’s consolidated results for the prior period. Trading space decreased by
0.4%.
The Group’s trade receivables book remained unchanged at R5.8 billion, relative to the prior
period-end.
The Group’s diluted headline earnings per share (‘diluted HEPS’) for the current period are
expected to remain stable or decrease by between 0% and 3%, to between 646 cents and
666 cents per share, relative to the prior period diluted HEPS of 666 cents per share. Diluted
HEPS on a pro forma 52-week basis* are expected to decrease between 5% and 8%, to
between 613 cents and 633 cents per share.
Shareholders are advised that this trading update does not constitute an earnings forecast,
and that the financial information provided herein, including the pro forma financial
information, has neither been reviewed nor reported on by the Group’s external auditors. The
Group’s audited results for the current period are scheduled for release on or about Thursday,
17 August 2017.
* The 53rd week adjustments relate to sale of merchandise, the related cost of sales (calculated
with reference to the gross profit margin for the 53-week period), weekly payroll expense,
direct ecommerce costs, interest received, finance costs and tax expense (calculated with
reference to the actual tax rate for the 53-week period) for the one-week period from 26 June
2017 to 2 July 2017. The relevant amounts were extracted from the Group’s accounting
records, and in the opinion of the directors, fairly reflect the results for the one-week period
from 26 June 2017 to 2 July 2017. A complete reconciliation of the 52- to 53-week results will
be provided in the Group’s audited results announcement.
The pro forma financial information has been prepared in accordance with International
Financial Reporting Standards, is the responsibility of the directors, has been provided for
illustrative purposes only and, because of its nature, may not fairly represent the financial
performance of the Group.
21 July 2017
Cape Town
JSE Sponsor: One Capital Sponsor Services (Pty) Ltd
NSX Sponsor: Merchantec Capital Namibia (Pty) Ltd
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