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Johannesburg - South Africa's second-biggest clothing retailer Foschini [JSE:FOS] reported a 26% rise in first-half profit on Thursday, as wage increases and decade-low interest rates helped lift consumer spending.
Foschini, which operates 14 different retailers serving the middle- to upper-income markets, said on Thursday headline earnings per share totalled 341.9 cents in the six months to end-September compared with 272.3c a year earlier.
Retailers have been squeezed in recent years as consumers battle high personal debt and unemployment, but historic-low borrowing costs and higher-than-inflation wage increases have helped them mount a recovery.
Foschini, which competes with Mr Price and Truworths, said sales went up 18.5% to R9.9bn.
The company, which already operates 70 stores in several other African countries including Namibia, Botswana and Zambia, said it would open 57 more in countries it already operates in, as well as new markets such as Mozambique and Nigeria.
Foschini, which operates 14 different retailers serving the middle- to upper-income markets, said on Thursday headline earnings per share totalled 341.9 cents in the six months to end-September compared with 272.3c a year earlier.
Retailers have been squeezed in recent years as consumers battle high personal debt and unemployment, but historic-low borrowing costs and higher-than-inflation wage increases have helped them mount a recovery.
Foschini, which competes with Mr Price and Truworths, said sales went up 18.5% to R9.9bn.
The company, which already operates 70 stores in several other African countries including Namibia, Botswana and Zambia, said it would open 57 more in countries it already operates in, as well as new markets such as Mozambique and Nigeria.
