TRUWORTHS INTERNATIONAL LIMITED - BUSINESS UPDATE AND AGM RESULTS
TRUWORTHS INTERNATIONAL LIMITED
(1944/017491/06)
(` the Company`)
Code : TRU
ISIN : ZAE000028296
BUSINESS UPDATE AND AGM RESULTS
Truworths International Limited (`Truworths`) is pleased to announce that the
group increased retail sales in the 17 weeks to 24 October 2004 to R965 million,
22.0 % more than the corresponding figure for 2003.
Sales growth included comparable store sales growth of 17.5 % with product
inflation of some 4%. Trading space for the 17 weeks compared to the
corresponding period for 2003 increased by 4.0 %.
During the first 17 weeks to 24 October 2004, 3 Identity and 3 Truworths stores
have been opened. For the remaining period of this financial year it is planned
to open at least a further 9 Identity, 6 Truworths and 1 Truworths Man stores.
These include openings at the Festival Mall, Kempton Park; Clearwater Mall,
northern Johannesburg; the Glen Emporium, southern Johannesburg and Cape Gate
shopping centre, Cape Town. This is in line with plans to increase trading space
by an estimated 13% and to spend R70 million on store development in the 2005
financial year.
Experimental concepts, including a new approach to grouping of brand outlets in
malls, are being piloted, with the shoe format enjoying increasing sales. The
introduction of credit facilities at Young Designers Emporium (YDE) and Identity
has been well received by customers. This initiative, as previously disclosed,
is expected to increase working capital requirements by some R50 million.
The group is well placed to benefit from buoyant consumer spending arising from
stronger economic growth and lower interest rates and to further extend its
record of consistent improvements in sales and earnings for both the festive
season trading period and the rest of the 2005 financial year.
Truworths` interim results for the 26-week period to 26 December 2004 are
scheduled for announcement on 24 February 2005.
The board advises that at the Annual General Meeting of shareholders held in
Cape Town today, all the ordinary resolutions and special resolution 1, as set
out in the meeting notice contained in the company`s 2004 Annual Report, were
duly passed by the requisite majority votes.
Special resolution 1 granting a general mandate to the directors to conduct
share buy-backs within prescribed limits was adopted and will be submitted for
registration by the Registrar of Companies. Special resolution 2, proposing to
award company share options was withdrawn.
4 November 2004
Cape Town
Lead Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Joint Sponsor: Standard Bank
Date: 04/11/2004 04:23:06 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
