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Truworths 18 weeks sales up 14% to R2.065bn
Apparel retailer Truworths reported today that sales for the 18 weeks of its full year 2009 rose 14% to R2.065 billion, but said the environment remained challenging.
Group same store retail sales were 8% higher, with product inflation of about 6% and trading space increased by 10% relative to the corresponding period in 2008. The debtors book increased by 11% to R2.3 billion.
"The performance of the debtors' book remains satisfactory, with collection levels improving," the company said.
Net bad debt as a percentage of the book increased marginally from the levels reported at June 2008, in line with expectations, it said.
It added that interest income earned from the book continued to exceed trade receivable costs. Operating expenses remained well controlled and gross margins track the targeted levels for the 2009 period.
"The trading environment is currently difficult and management does not expect conditions to change materially for the remainder of the half year," the company said.
However the group said it would achieve satisfactory growth for the financial period ended June 2009.
"Management remains committed to achieving the financial targets detailed in the Group's 2008 annual report," the company said.
Published courtesy of
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