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Truworths revenue up 5.9 percent
28/11/2013 00:00:00
by The Source
 
 
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CLOTHING retail chain Truworths says revenue for the four months to November 7 was up 5.6 percent and expects higher sales in the festive season.

“We are starting to go into our big season which will define our year,” chief executive, Themba Ndebele told shareholders at the company’s annual general meeting on Thursday.

He said in October, the company recorded a huge turnover of 19 percent after 5 000 customers signed up to the newly introduced in-store credit card.

Earnings before interest, tax, depreciation and amortisation was up 14.7 percent up from 13.3 percent during the same period last year.

Shareholders confirmed a final dividend of 0.078 cents per share declared in September.

Responding to questions from journalists on the impact of cheap imports on the company,  Ndebele said, “We don’t compete with cheap imports because we don’t want to destroy our brands.”

He said the tight liquidity in the economy was also affecting the company.

“We acknowledge the difficulties  that the economy is facing and  we are going to be cautious,” he said.

The company’s major shareholders include Truworths International, Old Mutual Life Assurance, Leraine Investments and Old Mutual Zimbabwe.



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