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Condensed consolidated financial statements for year ended 31 March 2026, ordinary and preference share dividends
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 2026, ordinary and preference
share dividend declarations
SALIENT FEATURES
- Group revenue up 7,2%;
- Group sales grew by 7,1%. Excluding White Stuff, Group sales grew 2,8%^;
- Group online sales grew by 31,7% in FY2026 and now contribute 14,8% to total retail sales;
- Market share in South Africa in FY2026, as measured by the Retail Liaison Committee ("RLC"), increased by 50
basis points ("bps") in womenswear, and increased by 40 bps in the homeware and furniture segment;
- Group gross profit was up 4,5% on the prior year with gross margin decreasing by 120 bps for the year;
- Group operating profit before brand impairments and acquisition costs declined by 22,1%;
- Headline earnings per share ("HEPS") down 33,5% to 675,4 cents (FY2025: 1 015,6 cents);
- Basic earnings per share ("EPS") which takes into account the brand impairments declined by 58,1% to 411,2
cents (FY2025: 980,6 cents); and
- Final dividend declared of 140,0 cents per share (March 2025: 230,0 cents per share), down 39,1%.
GROUP FINANCIAL PERFORMANCE
Group performance was adversely affected by a weaker second half, as trading conditions deteriorated across all
operating regions. The impact of softer peak season demand and lower gross margins resulted in negative operating
leverage.
The Group recognised non-cash impairment charges against the Phase Eight brand in the UK and the Tarocash and
yd. brands in Australia reflecting the revised long-term cash flow expectations for these businesses.
Sales growth in each business segment was as follows:
Business segment H1' 2026 H2' 2026 FY2026 FY2026
vs vs vs contribution
H1' 2025 H2' 2025 FY2025 to Group
sales in ZAR
TFG Africa (ZAR) 5,3% 4,7% 5,0% 68,3%
TFG London (GBP) 69,0% 4,7% 29,4% 18,2%
TFG Australia (AUD) (0,5%) (2,4%) (1,5%) 13,5%
Group (ZAR) 12,7% 2,7% 7,1%
233 stores were opened during the year and 242 stores were closed. The Group now trades out of 4 914 stores
across 18 countries.
Stores TFG Africa TFG London TFG Australia Group
Opening balance at 1 April 2025 3 614 699 610 4 923
New stores 141 48 44 233
Closed stores (91) (98) (53) (242)
Closing balance at 31 March 2026 3 664 649 601 4 914
SEGMENTAL PERFORMANCE UPDATE
TFG AFRICA
Market share, as measured by the RLC, increased by 40 bps in the homeware and furniture segment. Market share
in womenswear increased by 50 bps and declined by 110 bps in menswear.
Like-for-like sales for TFG Africa grew by 3,5% in FY2026.
Sales growth (in ZAR) per merchandise category was as follows:
Merchandise category H1' 2026 H2' 2026 FY2026 FY2026
vs vs vs contribution to
H1' 2025 H2' 2025 FY2025 TFG Africa
Clothing 4,2% 3,7% 3,9% 71,4%
Homeware and furniture 9,3% 8,2% 8,7% 14,7%
Beauty 23,6% 20,0% 21,5% 3,4%
Jewellery 0,9% 6,2% 3,9% 3,7%
Cellular 3,8% 0,5% 2,0% 6,8%
Total TFG Africa 5,3% 4,7% 5,0%
Online sales grew by 49,2% in FY2026, driven by continued strong performance of the Bash platform. Online
contributed 8,2% to total sales, reaching a 10% contribution in the fourth quarter with scale benefits continuing to
improve profitability.
Credit sales grew by 4,6% in FY2026, contributing 25,8% to total TFG Africa sales as the Group took a prudent
approach to credit granting. The debtors book grew by 5,5% to R9,4 billion (FY2025: R8,9 billion).
Gross margin contracted by 100 bps to 41,6% (FY2025: 42,6%).
Whilst costs were well maintained, negative operating leverage led to a 14,7% decline in segmental EBIT.
TFG LONDON
Sales increased by 29,4% in GBP in FY2026. Sales for the year, excluding White Stuff remained flat^ (in GBP), as
the UK continued to experience difficult trading conditions. White Stuff continues to perform well, with pro forma
sales growth of 4,3%^ for FY2026 (in GBP).
Performance in the legacy portfolio was impacted by weakness in occasion wear categories, softer department
store trading and disruption arising from a significant cyber incident affecting a key online concession partner.
Management remained focused on the protection of operating profit margin through cost containment and reduction
initiatives, however negative operating leverage resulted in a 65,4%^ decline in segmental EBIT before the
impairment of Phase Eight and the acquisition costs in the prior year.
TFG AUSTRALIA
In Australia, sales declined 1,5% for FY2026 (in AUD), with a decline of 3,4% (in AUD) on a like-for-like basis. Trading
conditions in the Australian apparel retail market remained challenging throughout the period due to subdued
consumer confidence impacting demand across the sector leading to an increase in promotional activity.
As a result of expenses growing ahead of sales, driven by costs from new stores and continued inflationary pressure
on expenses, segmental EBIT declined by 27,2%^ before the impairment of the Tarocash and yd. brands.
OUTLOOK
The South African macroeconomic environment remains challenging, with subdued economic growth and pressure
on consumer disposable income continuing to constrain demand.
The UK continues to experience a challenging retail environment, with discretionary consumer demand constrained
by elevated living costs and subdued consumer confidence. Profitability will remain dependent on disciplined gross
margin and cost management.
In Australia, inflationary pressures and the recent interest rate increase are expected to weigh on consumer
confidence and discretionary spending, which may temper any near-term recovery in retail demand.
Management continues to review operating costs, capital expenditure plans and store portfolio economics to
ensure the business remains appropriately positioned for a possibly prolonged period of constrained consumer
demand and changing behaviour.
Sales in TFG Africa grew by 2,2% for the 9 weeks ended 30 May 2026, supported by improved product availability,
disciplined inventory management and continued momentum across key growth categories. Trading conditions
remained mixed during the period, with consumer spending constrained by ongoing cost-of-living pressures and
elevated levels of indebtedness, particularly within the middle-to lower-income customer segments.
In the UK, sales volumes remain resilient despite continued weak consumer confidence. Sales in TFG London grew
1,7% (in GBP) for the 9 weeks ended 30 May 2026.
In Australia sales for the 9 weeks ended 30 May 2026 contracted 2,3% (in AUD), as trading conditions remained
challenging amid persistent cost of living pressures.
Gross margins in all 3 territories have started the year approximately 100 basis points higher.
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 EBIT before
impairments and acquisition costs for TFG London and TFG Australia. Refer to note 20 of the reviewed condensed
consolidated financial statements for the year ended 31 March 2026.
FINAL ORDINARY CASH DIVIDEND DECLARATION
Notice is hereby given that the directors have declared a final gross cash dividend of 140,0 cents (112,0 cents net
of dividend withholding tax) per ordinary share for the period ended 31 March 2026.
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, 5 June 2026
Last day of trade to receive a dividend Tuesday, 14 July 2026
Shares commence trading "ex" dividend Wednesday, 15 July 2026
Record date Friday, 17 July 2026
Payment date Monday, 20 July 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 15 July 2026 and Friday, 17
July 2026, both days inclusive.
PREFERENCE CASH DIVIDEND DECLARATION
Notice is hereby given that the directors have declared a gross preference dividend (no. 179) 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
2026.
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, 5 June 2026
Last day of trade to receive a dividend Tuesday, 8 September 2026
Shares commence trading "ex" dividend Wednesday, 9 September 2026
Record date Friday, 11 September 2026
Payment date Monday, 14 September 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 9 September 2026 and Friday,
11 September 2026, both days inclusive.
RESULTS PRESENTATION WEBCAST
A live webcast of the results presentation will be broadcast at 11:00 am (SAST) on Friday, 5 June 2026. 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 Board.
M Lewis A E Thunström
Chairman Chief Executive Officer
Cape Town
4 June 2026
Date of release on SENS: 5 June 2026
ABOUT THIS ANNOUNCEMENT
This results announcement has been prepared in compliance with the JSE Listings Requirements, 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 2026 ("FY2026 results"). The FY2026
results were approved by the Board of Directors on 4 June 2026 and the information in this announcement has been
correctly extracted from the FY2026 results. As this announcement does not contain full details, any investment
decisions by investors and/or shareholders should be based on consideration of the FY2026 results, which are
available through the JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/TFG/FY2026.pdf and on the Company's website at
https://tfglimited.co.za/investor-information/financial-reports-and-presentations/.
This results announcement has not been reviewed or reported on by the Group's external auditors. The Group's
auditors, Deloitte & Touche, have reviewed the FY2026 results and expressed an unmodified review conclusion
thereon.
DIRECTORATE AND STATUTORY INFORMATION
Non-executive Directors:
M Lewis (Chairman), B S M Backman, C Coleman, G H Davin, D Friedland, B L M Makgabo-Fiskerstrand, E Oblowitz,
J N Potgieter, N L Sowazi, R Stein, G C Zondi
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
JSE Equity Sponsor and Corporate Broker:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05-06-2026 09:00:00
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