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Thursday, March 23, 2023

Fashion retailer TFG profits boosted by local manufacturing, Tapestry deal

The clothing, home goods and jewelery retailer said earnings per share (HEPS), the main measure of earnings in South Africa, came in at 464.6 cents in the six months ended September 30, up from 393 cents. .4 cents.

The owner of British womenswear brands Hobbs and Whistles and local clothing brand Foschini and Markham has been bringing garment production closer in-house in recent years to reduce reliance on strained global supply lines and associated increases in shipping costs and delivery times.

During the reporting period, TFG has been able to mass produce clothing faster than before to keep up with strong demand and fast fashion trends.

Group retail turnover rose 23.5% to R23.5bn ($1.35bn), also thanks to the opening of 159 stores, while gross profit rose 24.8% to R11.6bn .

Sales were also boosted by the acquisition of Tapestry Home Brands, which was incorporated on August 1. As a result of the merger, the group’s housewares sales increased by 56.9%.

TFG’s Australian and London divisions continued to recover strongly from the easing of COVID-19 restrictions, with customers returning to stores. Both enjoyed increases in sales in their local currencies, of 48.7% and 21.2%, respectively.

($1 = R17.3622)

(Reporting by Nqobile Dludla; ​​edited by David Evans and Bradley Perrett)

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