THE FOSCHINI GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
Ordinary share code: TFG
A2X share code: TFG
ISIN: ZAE000148466
Preference share code: TFGP
ISIN: ZAE000148516
("TFG" or "the Company" and together with its affiliates "the Group")

TRADING UPDATE FOR Q3 FY2025 AND THE NINE MONTHS ENDED 28 DECEMBER 2024

This trading update relates to the nine-month year-to-date period from 1
April 2024 to 28 December 2024 (“YTD FY2025” or “nine-month period”) and
the 13-week period from 29 September 2024 to 28 December 2024 ("Q3 FY2025"
or “third quarter”) against the comparative nine-month year-to-date period
from 1 April 2023 to 30 December 2023 (“YTD FY2024” or “prior nine-month
period”) and the 13-week period from 1 October 2023 to 30 December 2023
("Q3 FY2024" or “prior third quarter”).

SALIENT FEATURES

−   Group sales grew by 8,4% for Q3 FY2025, significantly ahead of the 2,0%
    contraction in sales in the first half of FY2025;
−   Group sales are 1,6% up with gross profit 5,7% up on the prior nine-
    month period;
−   Group online sales grew by 47,2% in Q3 FY2025 (and by 49,3% in TFG
    Africa), and by 20,8% for the YTD FY2025, now contributing 11,3% to
    total retail sales;
−   Continued market share gains in Menswear and Womenswear in TFG Africa
    according to the Retail Liaison Committee (increase in market share to
    19,8% for Q3 FY2025 compared to 19,2% for Q3 FY2024), with market share
    maintained in Kidswear; and
−   Gross margin for TFG Africa increased by 210 basis points for the YTD
    FY2025.


GROUP PERFORMANCE UPDATE

Sales growth (in ZAR) in each business segment was as follows:


                                       Q3 FY2025                   YTD FY2025
                     Q3 FY2025      contribution   YTD FY2025    contribution
                           vs.          to Group           vs        to Group
Business segment     Q3 FY2024          turnover   YTD FY2024        turnover

TFG Africa                  5,3%          71,8%          2,2%           70,8%
TFG London                 45,5%          14,5%          7,2%           13,7%
TFG Australia              (3,0%)         13,7%         (5,2%)          15,5%
Group                       8,4%                         1,6%


TFG London sales, excluding White Stuff, which was acquired with effect
from 25 October 2024, contracted by 0,1%* in Q3 FY2025, an improvement from
the 8,7% contraction in the first half of the year.

TFG AFRICA PERFORMANCE UPDATE

The strong sales growth for TFG Africa in Q3 FY2025 was driven by the
improved trading over Black Friday and the Christmas period.
Sales growth (in ZAR) per merchandise category was as follows:


                                    Q3 FY2025 vs.               Q3 FY2025
                                        Q3 FY2024     Contribution to TFG
Merchandise category                                               Africa
Clothing                                  5,3%                    75,5%
Homeware                                  5,5%                    12,1%
Beauty                                   19,0%                     2,9%
Jewellery                                 8,6%                     3,8%
Cellphones                               (2,6%)                    5,7%
Total TFG Africa                          5,3%

                                                               YTD FY2025
                                    YTD FY2025 vs.           Contribution
Merchandise category                    YTD FY2024          to TFG Africa
Clothing                                   1,8%                   73,4%
Homeware                                   5,9%                   13,4%
Beauty                                    14,7%                    2,9%
Jewellery                                  4,3%                    3,7%
Cellphones                                (5,4%)                   6,6%
Total TFG Africa                           2,2%


Like-for-like sales for TFG Africa grew by 4,6% in Q3 FY2025.

Driven by our Bash e-commerce platform, online sales grew 41,4% for the YTD
FY2025 and now contributes 5,6% to total sales. Bash also achieved strong
market share gains in December 2024 against a backdrop of declining market
shares for some of the pure play retailers.

YTD FY2025 gross margin increased by 210 basis points compared to the prior
nine-month period, with a high contribution from full price sales in the
months of November and December 2024.

Credit turnover grew 7,3% in Q3 FY2025 and by 4,0% for the nine-month
period, now contributing 25,8% to total sales.

TFG LONDON

Following the acquisition of White Stuff with effect from 25 October 2024,
TFG London increased sales by 46,5% in Q3 FY2025 in GBP, and by 0,6%* on a
comparable basis. On a stand-alone basis, White Stuff grew its sales by
18,3%* on its prior period third quarter.

The focus of management continues to be on the protection of gross margin,
which has now improved by c.200 basis points in FY2025, year to date.

TFG AUSTRALIA

TFG Australia continues to face tough trading conditions but showed
improvement in its performance in the third quarter, with sales 0,5% lower,
as compared to the 2,4% contraction in the first half of the year (in AUD).
Management's focus on inventory management has also ensured an improvement
in gross margin by 80 basis points year to date.
OUTLOOK

In South Africa, the outlook is positive, with a modest economic recovery
expected for 2025. Sales in TFG Africa grew 14,6% for the 3 weeks ended 18
January 2025. TFG Africa expects to expand its store estate footprint by
opening in excess of 100 new stores during the 2026 financial year, whilst
we continue to rationalise our store portfolio to enhance return on capital
employed.

While the UK economy remains under pressure, we are encouraged by the
performance of White Stuff and its positive impact on the business. Sales
in TFG London for the 3 weeks ended 18 January 2025 grew 63,3% (in GBP)
including White Stuff, and by 1,9%* excluding White Stuff.

In Australia, sales for the three weeks ended 18 January 2025 grew 3,0% (in
AUD) and whilst challenging trading conditions remain, the economy appears
to be stabilising with interest rate reductions expected soon.

Shareholders are advised that none of the financial information contained
in this announcement, including forecasts or estimates, which is the
responsibility of the board of directors of TFG, has been audited, reviewed
or reported on by the Group's external auditors.

* Pro forma management account numbers used to calculate an indicative
sales growth.

PRO FORMA FINANCIAL INFORMATION

Pro forma unaudited management account information for White Stuff was used
in this announcement for illustrative purposes only to provide an
indicative sales growth excluding the acquired White Stuff business.

White Stuff sales for the period since acquisition on 25 October 2024 to 28
December 2024 was removed as if the acquisition did not occur.

This pro forma financial information, because of its nature, may not be a
fair reflection of the Group's results of operations, financial position,
changes inequity or cash flows. There are no material events subsequent to
the reporting date which require adjustment to the pro forma financial
information.

The pro forma management account retail turnover figures used were:


                         Q3 FY2025       Q3 FY2024      Growth

                                  Rm            Rm        %

TFG London                2 875,3          1 976,7        45,5
retail turnover
including
White Stuff

Less: White Stuff         (900,8)                   -      -
retail turnover#

TFG London                1 974,5          1 976,7        (0,1)
retail turnover
excluding
White Stuff

                        Q3 FY2025       Q3 FY2024       Growth

                             GBPm             GBPm         %
TFG London                  123,6              84,4         46,5
retail turnover
including
White Stuff

Less: White Stuff           (38,7)                   -          -
retail turnover#

TFG London                   84,9              84,4          0,6
retail turnover
excluding
White Stuff



                        Q3 FY2025       Q3 FY2024         Growth

                             GBPm             GBPm          %

White Stuff                  50,5             42,7          18,3
retail turnover#


                       3 weeks ended      3 weeks ended
                          18 January         20 January
                                2025               2024     Growth


                             GBPm             GBPm          %

TFG London                   25,8              15,8         63,3
retail turnover
including
White Stuff

Less: White Stuff            (9,7)                   -          -
retail turnover#

TFG London                   16,1              15,8          1,9
retail turnover
excluding
White Stuff

# The adjustment is sourced from unaudited management accounts. The Group
is satisfied with the quality and completeness of these management
accounts.

The directors are responsible for compiling the pro forma financial
information in accordance with the JSE Limited Listings Requirements and in
compliance with the SAICA Guide on Pro Forma Financial Information. The
underlying information used in the preparation of the pro forma financial
information has been prepared by consistently applying the accounting
policies in place for the year ended 31 March 2024.


Cape Town
24 January 2025

Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)