By 0756 shares had been down 5.37%.
Clothes retailers had been among the many hardest hit by lockdowns imposed in April, when non-essential retailers had been pressured to shut shops in South Africa and subsequently solely allowed to promote just a few objects. Related lockdowns impacted TFG’s London and Australia operations.
Whereas all three territories proceed to be impacted by COVID-19, enterprise within the UK stays the toughest hit with no shops working throughout the fourth quarter of the monetary yr ended March, TFG stated.
The group has 4,284 shops throughout 26 nations.
Its retail turnover fell by 6.7% to 33 billion rand. Excluding the not too long ago acquired finances clothes enterprise, Jet, retail turnover for the yr decreased by 13%.
Gross margin for the group fell by 7.2% to 45.5% as a result of elevated promotional exercise in response to difficult buying and selling circumstances, inventory provisions and a change in product combine throughout all three segments, it stated.
Its headline earnings per share (HEPS) slumped by 80.8%.
The after tax non-cash impairment associated to TFG London’s goodwill and intangible belongings because of the influence of the pandemic, the retailer stated.
($1 = 13.7287 rand)
(Reporting by Nqobile Dludla; Modifying by Emma Rumney & Simon Cameron-Moore)
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