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Trading statement for the 53-week period ended 3 July 2022
Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
JSE Code: TRU
NSX Code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522
(the ‘Group’)
TRADING STATEMENT FOR THE 53-WEEK PERIOD ENDED 3 JULY 2022
Introduction
Investors are referred to the business update for the 53-week period ended 3 July 2022
(the ‘period’) published by the Group on SENS on 26 July 2022 (the ‘business update’). In
the business update it was advised that the Group was in the process of finalising its results
for the period and that it would provide an update on earnings for the period as soon as it
had reasonable certainty in this regard. The Group now has reasonable certainty in relation
to its earnings for the period and reports as follows.
Earnings
Notwithstanding the challenging trading conditions referred to in the business update, the
Group is pleased to announce that headline earnings per share (‘HEPS’) and earnings per
share (‘EPS’) for the period are estimated to increase as follows:
Estimated
Estimated increase on
Pro forma Prior period increase on prior period:
53 weeks to 52 weeks* to 52 weeks to prior period: Pro forma 52
3 July 2022 26 June 2022 27 June 2021 53 weeks weeks
(cents) (cents) (cents) (%) (%)
HEPS 760 to 785 720 to 745 520 46% to 51% 38% to 43%
EPS 775 to 800 735 to 760 480 61% to 67% 53% to 58%
The previous highest HEPS and EPS achieved by the Group were in 2016 at 667.6 cents and
667.1 cents, respectively. There have been no material acquisitions since 2016 so the
results are reflective of organic rather than acquisitive growth, driven by an improved sales
performance, strong gross profit margins, and a continued focus on expense management.
Annual results
Shareholders are advised that this trading statement 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 expects to publish its audited annual results for the period on
or about Thursday, 1 September 2022.
*The adjustments to derive results for the pro forma 52 week period from the results for
the 53 week period relate to retail sales, the related cost of sales (calculated with reference
to the gross profit margin for the 53-week period), delivery fee income, weekly payroll
expense, concession rent and tax expense (calculated with reference to the actual tax rate
for the 53-week period), for the one-week period from 27 June 2022 to 3 July 2022. The
relevant amounts were extracted from the Group’s accounting records, and in the opinion of
the directors, fairly reflect the results for the said one-week period. A complete
reconciliation of the pro forma 52- to actual 53-week results will be provided in the Group’s
audited annual 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.
16 August 2022
Cape Town
Sponsor in South Africa
One Capital
Sponsor in Namibia
Merchantec Capital
Date: 16-08-2022 05:15:00
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