Truworths sees annual profit drop 28% on lockdown impact

Truworths reported on Thursday a 28.2% decline in full-year earnings, blaming the impact of the Covid-19 pandemic.

The owner of YDE clothing stores said for the 52 weeks through June 28, headline earnings per share (HEPS) – South Africa’s main profit gauge, stripping out some one-off items – fell to 410.4 cents from a restated 571.7 cents a year earlier.

Truworths also impaired the carrying value of its British footwear unit Office’s assets. Total non-cash impairment charges – excluded from HEPS – amounted to 132 million pounds($156.52 million).