Truworths International Limited - Trading Statemen
Truworths International Limited - Trading Statement
Truworths International Limited
(Registration number 1944/017491/06)
(`Truworths` or `the group`)
Code: TRU ISIN: ZAE000028296
Trading Statement
Truworths announces that merchandise sales for the 52-week period to June 30
2004 reached a record R2718.7 million. As a result the group forecasts that
headline earnings per share will be 20% to 30% higher than the 86.0 cents per
share reported for 2003.
Sales for the period were 17.9 % more than the R2306.0 million achieved in 2003,
whilst comparable store sales increased by 13.5 %. During the period, trading
space increased by 6.4 % through the opening of 5 Truworths and 20 Identity
stores.
The buoyant conditions that underpinned trading in the first 26 weeks gained
further momentum through the second half of the period. At the interim stage
merchandise sales of R1376.1 million, being a 15.2% increase relative to the
corresponding period in 2003, were reported. In line with management`s positive
outlook expressed in the interim report, merchandise sales of R1342.6 million
for the second half reflected a 20.8% increase relative to the comparable period
in the prior year.
For 2003 the group reported a 35% improvement in headline earnings per share.
This growth included the benefit derived from an R18.7 million transfer pricing
taxation credit, being the reversal of a prior year taxation expense. Excluding
the effects of this benefit, headline earnings per share of 81.8 cents would
have been posted for 2003, against which headline earnings for 2004 are forecast
to be more than 30% higher.
As anticipated, earnings for 2004 were not materially impacted by the
acquisition of the Young Designers Emporium chain with effect from December 1,
2003.
Shareholders are advised to note that the earnings growth forecasts contained in
this statement have not been reviewed or reported on by the external auditors,
and that the group`s audited results for the period are due to be announced on
August 19 2004.
Cape Town
15 July 2004
Sponsor
HSBC Investment Services (Africa) (Pty) Ltd
Date: 15/07/2004 03:43:51 PM Produced by the JSE SENS Department
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