Wrap Text
Business update and voluntary trading statement for the 52-week period ended 28 June 2026
Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
JSE and A2X code: TRU
NSX code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522
('Truworths International' or the 'Group')
BUSINESS UPDATE AND VOLUNTARY TRADING STATEMENT FOR THE 52-WEEK PERIOD ENDED 28 JUNE 2026
OPERATING CONTEXT
Group overview
The Group traded through a challenging year, which was reflected in its retail sales and
earnings for the 52-week period ended 28 June 2026 (the 'period'). Group retail sales
declined by 0.9% to R21.8 billion, in part due to the stronger Rand/Pound exchange rate
in the second half of the period. Against this backdrop, the Group's earnings for the period
are expected to be within the ranges reflected in the earnings guidance below, supported
by a disciplined approach to trading margins, expenses and credit. The Group's position is
underpinned by its strong balance sheet and net cash position, portfolio of owned brands
in Truworths Africa, Office UK's relationships with leading international footwear brands,
well-managed credit book, large account and loyalty customer base, established retail
locations across South Africa and the United Kingdom, and growing online presence. The
Group continued to invest in the business during the period and remains well positioned
to benefit as consumer spending conditions improve.
As reported in the interim results for the 26 week period ended 28 December 2025, trading
in the first half of the period remained subdued, with South African consumer spending
constrained by uncertainty from global trade tensions, while conditions in the United
Kingdom continued to reflect subdued economic growth and cautious household spending.
The second half of the period opened on a more constructive footing. In South Africa,
moderating inflation, the prospect of further interest rate relief and the favourable
reception of the national budget presented in late February 2026 pointed towards a
recovery in consumer confidence. Within days, however, this improving outlook was
overtaken by external events. The escalation of conflict in the Middle East drove a sharp
increase in global oil prices and renewed inflationary pressure, and the higher fuel costs
that followed weighed on the disposable income of consumers who had only recently begun
to experience some relief. Sentiment weakened across both South Africa and the
United Kingdom as the second half progressed.
Truworths Africa
Retail sales in Truworths Africa were encouraging through the early months of the 2026
calendar year, before trading momentum moderated over the closing months of the period
as the fuel-driven pressure on discretionary income took hold. The Group maintained a
prudent approach to credit granting throughout the period as a result of the uncertain
trading environment and gross trade receivables returned to modest growth by the period-
end.
Demand for the Group's aspirational merchandise was reflected in strong new-account
application volumes, and the online business again delivered strong growth, further
increasing its contribution to segment retail sales. Active account holders able to purchase
declined to 77% (2025: 79%), reflecting the pressure on existing customers' disposable
income over the period.
Office UK
Trading conditions in the United Kingdom remained challenging throughout the period,
characterised by subdued economic growth, a softening labour market and cautious
consumer spending following several years of elevated living costs and weak real income
growth. Inflation remained elevated during the early part of the period before easing in
early calendar 2026. This was expected to support household purchasing power as inflation
moved closer to the Bank of England's target.
This improving trajectory was interrupted by the escalation of conflict in the Middle East.
Higher energy and fuel prices weighed on consumer sentiment during the closing months
of the period, and expectations of further monetary easing diminished as the outlook for
inflation deteriorated.
Against this backdrop, Office UK continued to outperform its market, supported by its
distinctive positioning, advanced omni-channel capabilities and relationships with the
world's leading footwear brands. Segment retail sales growth was underpinned by the
investment in the store development and remodelling programme and by the strength of
the online business. Office UK's continued investment in its store development and
remodelling programme, distribution capabilities and new technology is expected to
support the business as trading conditions in the United Kingdom improve.
TRADING PERFORMANCE
Group retail sales for the period decreased by 0.9% to R21.8 billion relative to the
R22.0 billion reported for the prior 52-week period ended 29 June 2025 (the 'prior period'
or '2025'). Group retail sales performance in South African Rand was impacted negatively
in the period by the stronger Rand/Pound exchange rate: Office UK's second half sales
were translated at an average of R21.90 to the Pound compared to the average of R23.97
to the Pound applicable to the second half of the prior period.
Retail sales performance by trading period and business segment was as follows:
Change on
Retail sales prior period (%)
H1* H2^ Full year~ Full
26 weeks 26 weeks 52 weeks H1 H2 year
Group R12.5bn R9.3bn R21.8bn - (2.1) (0.9)
Truworths Africa R8.0bn R6.2bn R14.2bn (3.6) (0.1) (2.1)
Office UK £191.9m £142.2m £334.1m 6.4 2.9 4.9
*26 weeks from 30 June 2025 to 28 December 2025
^26 weeks from 29 December 2025 to 28 June 2026
~52 weeks from 30 June 2025 to 28 June 2026
Account sales comprised 46% (2025: 46%) of Group retail sales for the period, with cash
sales decreasing by 1.0% and account sales decreasing by 0.9%, relative to the prior
period.
Truworths Africa
Truworths Africa's retail sales for the period decreased by 2.1% relative to the prior period,
showing a better performance in the second half of the period. Account sales decreased by 0.9%
and comprised 71% of the segment's retail sales (2025: 70%). Cash sales decreased by 5.0%.
Online sales delivered strong growth of 21.5%, contributing 8.1% to the segment's retail
sales (2025: 6.5%).
Product (retail selling price) deflation averaged 0.4% for the period (2025: 1.2% inflation)
and trading space increased by 0.8% (2025: 0.5%).
Gross trade receivables in respect of the active account portfolio increased by 0.6% to
R6.5 billion and the number of active accounts remained in line with the prior period.
Active account holders able to purchase decreased to 77% (2025: 79%) and overdue
balances to gross trade receivables were unchanged relative to the prior period at 17%.
Office UK
Office UK's retail sales increased by 4.9% (in Sterling) relative to the prior period. In Rand
terms, retail sales increased by 1.3% to R7.6 billion (2025: R7.5 billion).
Online sales contributed 44.7% (2025: 44.9%) of the segment's retail sales in the period.
Continued investment in Office UK's real estate programme resulted in trading space
growth of 17.8% (2025: 6.4%) relative to the prior period-end. On a weighted average
basis, trading space increased 8.1% for the period.
EARNINGS
The Group estimates its earnings per share ('EPS') and headline earnings per share
('HEPS') for the period, on an undiluted basis, to be within the ranges reflected in the table
below.
52 weeks to 52 weeks to Estimated change
28 June 2026 29 June 2025 on prior period
(cents) (cents) (%)
EPS 715 – 730 745.2 -2% to -4%
HEPS 722 – 737 752.1 -2% to -4%
RESULTS ANNOUNCEMENT
The Group's audited financial results for the period are scheduled for release on or about
Thursday, 27 August 2026.
Shareholders are advised that the financial information provided in this announcement is
the responsibility of the directors and that such information has neither been reviewed nor
reported on by the Group's external auditors.
13 August 2026
Cape Town
Sponsor in South Africa
One Capital
Sponsor in Namibia
Merchantec Capital
Date: 13-08-2026 11:25:00
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