Loadshedding has cost TFG retail group R1bn in lost revenue: Retail group TFG, the owner of Foschini, Jet and Markhams, said load-shedding has reduced its full-year turnover in its local operations by R1bn.
TFG, the owner of Foschini, says it lost R1bn in turnover in one financial year due to load-shedding.Retail group TFG, the owner of Foschini, Jet and Markhams, said loadshedding has reduced its full-year turnover in its local operations by R1bn.
In a voluntary trading update before its investor call this week, TFG said on Monday the energy crisis and elevated levels of loadshedding is affecting South Africa's economy and society, making it difficult for businesses to trade, operate and plan at normal levels.
The affect of high levels of loadshedding would have been significantly worse were it not for the back-up power solutions installed over the past few months, which now provide partial mitigation to about 70% of the South African shops, TFG said. To date, TFG has spent R220m on back-up power solutions and an additional R30m will be spent in its 2023 financial year to ensure that 80% of TFG Africa's shops have back-up power over the next few months.
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