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TFG - trading update and trading statement
This trading update and trading statement relates to the six-month period from 1 April 2025 to 30 September
2025 ("H1 FY2026" or "the period") viewed against the comparative six-month period from 1 April 2024 to 30
September 2024 ("H1 FY2025" or "prior period").
Trading update
Salient features
- Group sales grew by 12,7% for H1 FY2026 to R29,2 billion (3,5%^ excluding White Stuff);
- Group online sales grew by 55,3% in H1 FY2026, now contributing 14,7% to total retail sales (H1 FY2025: 10,7%), including White Stuff. TFG Africa online sales grew by 40,2% driven by our Bash platform;
- Market share in South Africa ("SA") was maintained in Apparel, and in Homeware grew 20 basis points ("bps") during the period when compared to H1 FY2025, according to the Retail Liaison Committee;
- Negative operating leverage across the Group arising from subdued sales growth and gross margin contraction, despite tight cost control; and
- Increase in Group finance costs of 14,5% resulting from financing of the White Stuff acquisition in October 2024, and from the IFRS 16: Leases charge related to new stores and lease renewals.
Trading statement
TFG is currently finalising its results for the six months ended 30 September 2025, which are expected to be released on SENS on or about 7 November 2025.
Shareholders were advised that a reasonable degree of certainty exists that the earnings per share ("EPS") and headline earnings per share ("HEPS") of the Group for the period will be between 20% to 25% lower than those reported for the corresponding prior period.
The expected ranges are as follows:
Basic Earnings per Ordinary Share
- Reported (Six months ended 30 September 2024): 368.3 cents
- Expected (Six months ended 30 September 2025): 276.2 to 294.6 cents
- Expected % Decrease: 20.0% to 25.0%
Basic Headline Earnings per Ordinary Share
- Reported (Six months ended 30 September 2024): 371.6 cents
- Expected (Six months ended 30 September 2025): 278.7 to 297.3 cents
- Expected % Decrease: 20.0% to 25.0%
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