The Foschini Group - which also owns Markham, Jet, home, and American Swiss, among other retail brands - has seen a 32% increase in its turnover to a record R43.4 billion for the year to end-March. | Fin24
Subscribers can listen to this articleThe Foschini Group - which also owns Markham, Jet, @home, and American Swiss, among other retail brands - has seen a 32% increase in its turnover to a record R43.4 billion for the year to end-March.
Trading expenses improved – to 41.4% of retail turnover, from close to 45% before the pandemic - and its gross profit margin increase to 48.5% as strong demand for TFG’s products resulted in a higher proportion of full-price sales and fewer markdowns, the company says. TFG says the quick response time of its local manufacturing operations helped to deliver products that were in demand among customers. Over recent years, TFG has switched its manufacturing to South Africa, away from China, and more than 72% of its clothing sold in the African market are now produced locally.
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