Group’s stocks have worst day in more than two decades after it warned of falling sales
A Truworths store in Illovo, Johannesburg. Picture: FREDDY MAVUNDA, one of SA’s biggest fashion retailers, had their worst day on Friday since it listed in 1998, with about R3bn in shareholder value wiped out after the group released earnings that showed it is continuing to struggle in the UK.owner of brands such as Young Designers Emporium and Identity reported retail sales for Office fell 13.
But CEO Michael Mark struck an upbeat tone even as the group said it has seen a sales decline of 5.3% in the first nine weeks of 2022 year. Truworths said it is still totting up the costs of violence that hit 57 stores, about 7% of its SA store base. Truworths, valued at R24.3bn on the JSE, operates primarily in SA, where it generates more than two-thirds of its revenue, and the UK. The group also has a presence in Germany, the Republic of Ireland and other sub-Saharan African countries.
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