100-year-old Truworths reports fewer sales and a 7.3% decline in earnings

Truworths logo. Picture: Supplied.

Truworths reported a 7.3% decline in diluted headline earnings per share for the 52-week period ending on 1 July.

Sales fell by 2.7% to R18 billion.

The fashion retailer says the weak economy, increasing levels of unemployment and the ever-rising cost of living explains the results.

Political uncertainty in the UK relating to Brexit negotiations is also negatively affecting the brands it operates there.

The company declared a dividend of R1.59 per share, down from R1.82 in 2017.

The Money Show’s Bruce Whitfield interviews Truworths CEO, Michael Mark.

Listen to the interview in the audio below (and scroll down for quotes from it).

It’s been tough for at least two years now. You know the reasons…

Michael Mark, Truworths

No, it [product mix] isn’t [the problem]… Retailers are battling at the mainstream end of the market… There is a lot of science behind it…

Michael Mark, Truworths

Truworths has always been very cash generative…

Michael Mark, Truworths

We’ve always tried to always have very low debt… We are pleased that our debt has dropped…

Michael Mark, Truworths

There are a lot of young, poorer customers who can’t open an account… putting in a lay buy offering adds 2% to sales…

Michael Mark, Truworths

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

Recommended

by NEWSROOM AI
Read More
It’s party time! How Quicket became the place to get a ticket

It’s party time! How Quicket became the place to get a ticket

The Money Show’s Bruce Whitfield interviews James Tagg, co-founder and director at Quicket.

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Lay-by has taken off as a payment option in the last year or two, says consumer journalist Wendy Knowler.

Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Bruce Whitfield interviews Eric Mabuza who will represent the dismissed Old Mutual CEO in a court challenge against his firing.

'We don’t need more plans! We have plans coming out of every orifice!'

'We don’t need more plans! We have plans coming out of every orifice!'

Bruce Whitfield interviews political analyst Lukhona Mnguni, Bonang Mohale (BLSA) and Dr Adrian Saville (Cannon Asset Managers).

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

The Money Show’s Bruce Whitfield interviews Simon Brown, Financial Educator at Just One Lap.

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The Money Show’s Bruce Whitfield interviews WeBuyCars founder Faan van der Walt for his weekly "ShapeShifter" feature.

Popular articles
Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Bruce Whitfield interviews Eric Mabuza who will represent the dismissed Old Mutual CEO in a court challenge against his firing.

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Lay-by has taken off as a payment option in the last year or two, says consumer journalist Wendy Knowler.

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

Former State Security Agency director general Arthur Fraser says he has suffered repuational damage because of Pauw's book.

Innovative medical glue replaces stitches and staples

Innovative medical glue replaces stitches and staples

Bio-Technology Ph.D. student at the Israel Institute of Technology Alona Shagan explains device similar to a standard glue gun.

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

The Democratic Alliance MP claims she was subjected to a racist tirade at Cape Town's V&A Waterfront and wants action taken.

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

The Money Show’s Bruce Whitfield interviews Simon Brown, Financial Educator at Just One Lap.

[WATCH] Volkswagen’s new feel-good Kombi ad 'Cupcake Boss' is brilliant

[WATCH] Volkswagen’s new feel-good Kombi ad 'Cupcake Boss' is brilliant

Advertisers traditionally warn against working with children. In this ad it works beautifully, says ad expert Andy Rice.

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

It also ordered the company to pay for all the costs of the application. Bruce Whitfield interviews EWN’s Clement Manyathela.

Learn to invest, then watch your money grow

Learn to invest, then watch your money grow

Ray White interviews Thobelani Maphumulo, author of "Invest Your Way to Wealth".