TFG online sales now 10% of total

Published: 2023-11-10 10:15 +02:00 by Duncan McLeod tag: E-commerce

Retail group TFG’s online sales now make up almost 10% of its turnover, more than double the market average.

The Foschini Group’s online sales now make up almost 10% of the JSE-listed retail group’s turnover, or more than double the market average.

Announcing its interim results for the six months to end-September 2023, TFG said group online retail turnover rose 23.9% year on year to reach R2.6-billion, contributing 9.8% of the total. It attributed the growth to a strong performance by its South African businesses.

Despite tough economic conditions, TFG lifted group revenue by 12.9% to R28.4-billion, supported by the “continued expansion of our footprint and brand portfolio, and further growth in online retail turnover in South Africa”.

Retail turnover rose 12.4% to reach R26.4-billion. Headline earnings per share, however, fell by 15.3% due to higher financing costs. It declared an interim dividend of R1.50/share, down from R1.70/share a year ago.

TCS | Superbalist founders on their new venture, Bash

TFG, whose brands include @home, Markham, Foschini and American Swiss, earlier this year launched Bash , an online fashion brand created by Luke Jedeikin and Claude Hanan. The pair are well known for founding Superbalist, the online fashion store bought in 2014 by Takealot Group. – © 2023 NewsCentral Media

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