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 Group retail sales
for the first 18 weeks (from 28 June until 31 October 2010) of the 2011
financial period increased by 14.7% to R 2.6 billion relative to the
corresponding period in the 2010 financial period. Comparable (same store)
retail sales increased by 10.7% and product inflation averaged less than 3% in
the 18 week period. Trading space increased by 4.5% relative to the prior
corresponding period end.
The sales growth during this period has given management reason to have a more
positive outlook than anticipated a few months ago. Nevertheless given the
volatility in world economies, management remains cautious for the balance of
the financial year.
Management will remain focussed on the effective implementation of its
business philosophy which has served it well over so many years. The supply of
internationally inspired, high quality fashionable clothing to youthful South
Africans will continue to be the driver of the Group`s strategy for the period
ahead.
At the end of the 18 week period the Group`s debtors` book had increased by
15.2% to R3.0 billion relative to the corresponding date in 2010, and the
performance of the debtors` book remains in line with management`s
expectations.
Shareholders are further advised that Truworths International was awarded the
`Emerging Market Retailer of the Year Award` at the prestigious Oracle World
Retail Awards, which took place last week in Berlin Germany. The awards were
held during the annual World Retail Congress attended by 1,149 retailers and
senior industry executives from across 56 countries.
Shareholders are advised that this update does not constitute an earnings
forecast, and that the financial information provided has neither been
reviewed nor reported on by the external auditors. The Group`s interim results
for the 26 week period to 26 December 2010 are scheduled to be announced on or
about 24 February 2011.
4 November 2010
Cape Town
JSE Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
NSX Sponsor: Old Mutual Investment Services (Namibia) (Pty) Ltd
Date: 04/11/2010 10:00:09 Produced by the JSE SENS Department.
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