Shares in Truworths International leap by nearly 8%
Shares in Truworths International, with its primary markets in the UK and South Africa, leapt nearly 8 percent after it released its results for the six months to December, which showed healthy South African margins and reduced debt in the UK.
Truworths sales lifted a slight 1.3 percent to R10.6 billion, despite being hampered by slow growth in Africa and a shadow cast over Europe due to Brexit uncertainty.
The company’s headline earnings per share increased by 0.6 percent to 364c and the interim dividend remained unchanged at 249c.
Group chief executive Michael Mark said trading conditions in South Africa were hampered by power outages, high unemployment, modest increases in wages, higher average fuel and utility costs together with low consumer confidence.
Brexit uncertainty combined with continued pressure on store-based retailing continues to negatively impact the UK economy, he said.
Source: iol.co.za
