July 3, 2001
Truworths International Ltd increased retail sales in the 52 weeks to June
2001 by 12,6% over the corresponding figure for 2000, Michael Mark, the
executive chairman, said today.
The positive trend in sales had continued since the announcement of the
company's interim results in February. The company's growth strategies
-expanding the core business through market share gains, aggressive store
renovation, sensible space expansion, steady growth in the franchise
operation, new format development and cost containment - had all progressed
according to plan.
"The increase in sales of 13% in the six months to June 2001 compared to the
same period in the prior year was especially pleasing, given that this was
off a high base," Mark said. "The business remains focused and continues to
improve. We ended the season on a high note with growth in sales of about
15% in the June month.
"Cost management measures, including a tougher approach to delinquent
credit, have proved effective," he said.
Mark noted that the reduction in bad debt as a percentage of credit sales,
and an improvement in the arrears in the book had been particularly
pleasing.
For the previous financial year, to June 2000, the group reported headline
earnings from continuing operations of 37,3 cents per share. Earnings from
continuing operations for the interim period to December 2000 were 22,6
cents per share. Retail sales at Truworths for the interim period reflected
a 12,2 % increase to R817 million.
Truworths International will announce preliminary results for the year to
June on August 23.
ISSUED FOR: Truworths International Ltd
BY: De Kock & Kerkhoff Communication Consultants
INQUIRIES: Michael Mark/Kathy Olsen, 021 - 460 7910
Wayne van der Merwe, 021 - 460
Mike Kerkhoff, 021 - 424 5280
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