The South African retail group also reported credit sales growth of five per cent and cash sales growth of 11 per cent, with credit sales comprising 71 per cent of its retail sales during the period.
“As a result of strategic credit-related decisions taken during the prevailing tough market conditions, growth in trade receivable costs slowed in the second half of the period,” [DATA TRU:Truworths] said.
“The period saw continued movement from the six month interest free payment plan to longer term interest bearing payment plans.”
The investment holding and management company’s like-for-like store retail sales reflected an increase of 0.6 per cent and its product inflation averaged nine per cent.
Truworths International’s’ trading space increased by 10.3 per cent compared to the prior corresponding period and its trade receivables book increased by 11.8 per cent to 4.7 billion rand.
It is listed on both the Johannesburg Stock Exchange and the Namibian Stock Exchange, and operates through a number of retailers including Truworths and Young Designers Emporium (YDE).