Truworths profit up 445 %

Clothing retail group Truworths saw its sales for the year ending 6 July increase by 274 percent while net profit surged by 445 percent. It says inflation for clothing and footwear averaged 252 percent during the period.

The number of units sold during the year improved by 5 percent. Top performer was the cash chain, Number 1 Stories whose turnover increased by 339 percent.

Topics was second with an increase of 266 percent while Truworths’s sales improved by 262 percent.

The second half contributed 62 percent of the total turnover with sales for Number 1 improving by 460 percent up from 223 percent in the first half.

Topics improved from 216 percent in the first half to 304 percent in the second while Truworths rose from 211 percent to 303 percent.

Total group sales improved by 274 percent for the year, having risen from 214 percent in the first half to 320 percent in the second.

In monetary terms sales rose from nearly $3 billion last year to $11 billion with operating profit increasing from $759.3 million to $4.1 billion.

Net profit shot up from $537.7 million to $2.9 billion.

The company says its manufacturing arm, Bravette, operated at full capacity during the entire period.

It says the first eight weeks of the new year had been very encouraging. It had enough fabrics in stock to meet demands for the traditionally busy festive period.

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