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
How to get deals done faster

How to get deals done faster

The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.

Should you ever buy individual shares?

Should you ever buy individual shares?

Steinhoff, Tongaat, EOH… So many companies have all but collapsed in the past 2 years, says personal finance expert Warren Ingram.

Blueberry production – and employment - skyrockets to all-time high

Blueberry production – and employment - skyrockets to all-time high

In 2014, 1000 people had blueberry jobs. By 2023 it could be 26 000. Bruce Whitfield interviews the industry's Sean Tager.

Old Mutual ups the ante in its bitter battle with Peter Moyo

Old Mutual ups the ante in its bitter battle with Peter Moyo

Bruce Whitfield interviews Peter de Beyer (Old Mutual Non-Executive Director) and Karl Gevers (Benguela Global Fund Managers).

Standard Bank says comedy of errors with bond applicant 'a once off'

Standard Bank says comedy of errors with bond applicant 'a once off'

Only when consumer journalist Wendy Knowler chased Standard Bank did they admit wrongdoing that cost a client R41 000.

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up about her attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
How to get deals done faster

How to get deals done faster

The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.

Blueberry production – and employment - skyrockets to all-time high

Blueberry production – and employment - skyrockets to all-time high

In 2014, 1000 people had blueberry jobs. By 2023 it could be 26 000. Bruce Whitfield interviews the industry's Sean Tager.

Old Mutual ups the ante in its bitter battle with Peter Moyo

Old Mutual ups the ante in its bitter battle with Peter Moyo

Bruce Whitfield interviews Peter de Beyer (Old Mutual Non-Executive Director) and Karl Gevers (Benguela Global Fund Managers).

[WATCH] Man records every treadmill run over 8 months... and shows weight loss

[WATCH] Man records every treadmill run over 8 months... and shows weight loss

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Pilot filming aftermath of his plane crashing into ocean goes viral

[WATCH] Pilot filming aftermath of his plane crashing into ocean goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

Standard Bank says comedy of errors with bond applicant 'a once off'

Standard Bank says comedy of errors with bond applicant 'a once off'

Only when consumer journalist Wendy Knowler chased Standard Bank did they admit wrongdoing that cost a client R41 000.

Autopsy report confirms Selahle died of unnatural causes in police custody

Autopsy report confirms Selahle died of unnatural causes in police custody

Tshegofatso Selahle died on Sunday after being arrested by JMPD officers for allegedly skipping a robot in Johannesburg.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).