Claudelle Naidoo, GroupM SSA CEO: From inclusion to involvement
Claudelle Naidoo
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Foschini trading 'above expectations'
Foschini said on Friday that Christmas trading was above expectation across all divisions with sales growth for December of 9.9% and same store growth of 3%.
At its interim results, Foschini had indicated that it expected the retail environment to be difficult for the remainder of the year as consumers have to contend with high interest rates and high inflation.
Group sales for the 3 months October to December 2008 increased by 8.7% with same store sales growing by 2.7%.
Average merchandise inflation for the period was approximately 7.5%, it said.
"Our retail debtors' book continues to be well managed, reflecting positive collections with net bad debts as a percentage of debtors' book at similar levels to those reported in our interim results," it said.
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