Truworths’ profit soars by 397 percent

Though its operations are much smaller, retail chain Truworths saw its sales increase by 214 percent and net profit by 397 percent during the year ended January 5.

Sales increased from $1.3 billion to $4.1 billion while net profit shot up from $225.2 million to $1.1 billion.

Truworths achieved a growth of 211 percent, but volumes were down on the previous year. Cash sales grew by 190 percent.

Topics’ sales grew by 216 percent and was the largest contributor to sales and profit for the group. Cash sales grew by 338 percent.

The cash-chain, Number 1’s sales grew by 223 percent. It had a slow start but sales increased significantly after the implementation of in-house manufacture of ladies outerwear.

The company says trading for January and February 2003 was satisfactory. The company should report satisfactory earnings for the remainder of the year if the momentum is sustained.

(29 VIEWS)