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Johannesburg - Shares in Truworths International [JSE:TRU] fell more than 3% in
early trade on Wednesday, after the clothing retailer released a trading update
that one fund manager said fell short of estimates.
The company, which expects first-half headline earnings per
share to rise by as much as 15%, said sales increased by 10.7% in the 26 weeks
to end-December.
“Investors are probably comparing this with how Foschini
performed... it looks like Truworths has underperformed Foschini,” said Abri du
Plessis, chief investment officer at Gryphon Asset Management.
The Foschini Group, Truworths' closest listed rival, said
sales rose 17% in the three months to end-December.
In morning trade, Truworths was down 2.52% to R76.51, paring losses after tumbling as much as 3.52%.
