Truworths profit up 758%


Truworths, which is being investigated by the central bank for money laundering at the height of the cash crisis last year, had a remarkable six months ending 4 January 2004.

Sales increased by 683 percent, operating profit by 793 percent and attributable earnings by 758 percent.

The clothing and footwear inflation for the period was 499 percent.

It generated $13.9 billion cash during the period, compared with $4.1 billion in the year ending 6 July 2003.

Turnover improved from $4.1 billion during the first half of last year to $32.2 billion with operating profit at $13.9 billion, up from $1.6 billion.

Net profit shot up from $1.1 billion to $9.6 billion.

Sales at the flagship Truworths Stores increased by 636 percent, those at Topics by 707 percent and the cash chain Number1 Stores by 713 percent.

Overall unit sales grew by 7 percent with Number 1 enjoying a growth of 12 percent and Topics 6 percent while Truworths suffered a decline of 4 percent.

Volumes at the manufacturing arm, Bravette, grew by 9 percent.


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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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