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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
Truworths International Limited (the ‘Group’) announces that retail sales for the first 17
trading weeks (3 July 2017 to 29 October 2017) of the 2018 financial period (‘the current
period’) decreased by 3% to R5.5 billion compared to R5.7 billion for the first 17 weeks (27
June 2016 to 23 October 2016) of the 2017 financial period (‘the prior period’).
However, due to the inclusion of a 53rd week in the prior period, the first 17 weeks of the
current period are not comparable to the first 17 weeks of the prior period. Compared to the
directly corresponding 17-week period of the prior period (4 July 2016 to 30 October 2016),
retail sales for the first 17 weeks of the current period decreased by 2%.
Account sales comprised 50% (2017: 50%) of Group retail sales for the current period, with
both account and cash sales decreasing by 3% relative to the prior period.
Retail sales for Truworths (being the Group, excluding Office) decreased by 2% to R4.0 billion
relative to the prior period’s R4.1 billion. Account sales comprised 69% of these retail sales
(2017: 70%). Compared to the directly corresponding 17-week period of the prior period,
retail sales for Truworths for the first 17 weeks of the current period remained unchanged.
Trading space increased by 3% on the prior period and is expected to remain at this level for
the full financial period, while product inflation was -1%.
Retail sales for Office remained unchanged in Sterling terms at £89 million (R1.6 billion) but
decreased in Rand terms relative to the prior period. Compared to the directly corresponding
17-week period of the prior period, retail sales for the first 17 weeks of the current period
decreased by 1% in Sterling terms. Trading space increased by 1% on the prior period and is
expected to increase by 2% for the full financial period.
The Group’s trade receivables book decreased 4% relative to the prior period-end to
R5.6 billion. The percentage of active account holders able to purchase improved to 85%
compared to 83% in the prior period.
Although the trading environment is expected to remain challenging, the Group will continue
to utilise its extensive experience to manage the risk of fashion through its proven
merchandise design and buying processes and manage the risk of the book through continuing
to apply strategies to ensure the on-going health of the portfolio.
Shareholders are advised that this business update does not constitute an earnings forecast,
that the financial information provided herein is the responsibility of the directors, and that
such information has neither been reviewed nor reported on by the Group’s external auditors.
The Group’s interim results for the 26-week period ending 31 December 2017 are scheduled
for release on or about Thursday, 22 February 2018.
2 November 2017
Cape Town
JSE Sponsor: One Capital Sponsor Services (Pty) Ltd
NSX Sponsor: Merchantec Capital Namibia (Pty) Ltd
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