South Africa’s Truworths is betting on the launch of new clothing brands as well as entry into the budget-clothing market to support its medium-term growth after reporting a 7% decline in half-year profit on Thursday.
South African retailer Truworths said on Monday that its full-year profit was likely to fall by at least 30% and it was unlikely to pay a dividend, while all options were open for its British footwear business.
Footwear chain Office is up for sale with reports that its South African owner Truworths is seeking a quick exit from the UK-based brand that has had more than its fair share of problems in recent years.
Clothing retailer Truworths International reported a small increase in half-year sales on Wednesday, reflecting constrained spending in South Africa and Britain despite a boost from the key November-December period.
Clothing retailer Truworths International Ltd on Thursday forecast lower annual core earnings and took a 97 million pound ($117.81 million) impairment charge related to its Office shoe chain in Britain.