TRU - Truworths International Limited - Business update
TRU
TRU
TRU - Truworths International Limited - Business update
Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/017491/06)
JSE Code: TRU
NSX Code: TRW
ISIN: ZAE000028296
BUSINESS UPDATE
Truworths International Limited (`the Group`) announces that, in a challenging
trading environment, Group retail sales for the first 18 weeks of the 2009
financial period increased by 14% to R 2 065 million relative to the
corresponding period in 2008.
Group same store retail sales were 8% higher, product inflation was
approximately 6% and trading space increased by 10% relative to the
corresponding period in 2008.
The debtors book increased by 11% to R2.3 billion relative to the corresponding
period in 2008. The performance of the debtors` book remains satisfactory, with
collection levels improving. Net bad debt as a percentage of the book increased
marginally from the levels reported at June 2008, in line with expectations.
Interest income earned from the book continues to exceed trade receivable costs.
Operating expenses remain well controlled and gross margins track the targeted
levels for the 2009 period.
The trading environment is currently difficult and management does not expect
conditions to change materially for the remainder of the half year. However the
Group does anticipate achieving satisfactory growth for the financial period
ended June 2009. Furthermore management remains committed to achieving the
financial targets detailed in the Group`s 2008 annual report.
Shareholders are advised that the financial information contained in this update
has neither been reviewed nor reported on by the external auditors, and that the
Group`s interim results for the 26 week period to 28 December 2008 are scheduled
to be announced on or about 18 February 2009.
6 November 2008
Cape Town
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 06/11/2008 09:45:01 Produced by the JSE SENS Department.
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