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Johannesburg - The Foschini Group [JSE:TFG] said in a Sens sales update on Monday that Christmas trading was above expectation.
TFG Group showed sales growth of 14.6% for December - 27 November 2016 to 24 December 2016. Growth for TFG International was 47.9% in pounds. Growth for TFG Africa was 11.5%, while there was same-store growth of 5.6%.
Growth in the various merchandise categories for TFG Africa showed clothing up 12.8% (same store growth was up 6.%); homewares went up 10.4% (same store growth was up 3.2%); cosmetics went up 5.4% (same store growth was up 2.3%); jewellery went up 2.1% (same store growth was up 0.1%) and cell phones went up 15.8% (same store growth was up 12%).
Cash sales growth for TFG Africa for December was 17.7% and credit sales grew by 5.2%. TFG Group’s sales for the nine months to 24 December 2016 increased by 14.5%.
The group said TFG International continues to perform in line with management's expectation, with turnover growth of 47.8% in pounds.
Growth for TFG Africa was 9.7% with same store sales growth of 3.7%.
Growths in the various merchandise categories for TFG Africa for the nine months to 24 December 2016 showed clothing up 10.3% (same store growth up 3.7%); homewares 7.6% (same store growth down -2.1%); cosmetics up 2.9% (same store growth 0.0%); jewellery 3.3% (same store growth 1.0%) and cellphones up 16.8% (same store growth 12.5%).
Cash sales growth for TFG Africa for the nine months to 24 December 2016 was 17.4% and credit sales grew by 2.7%.
Merchandise inflation for the nine month period in TFG Africa averaged 8.5%.
The group pointed out that the sales update has not been reviewed or reported on by its external auditors.
By mid-afternoon trading the TFG share price was up 5.38% at R168.64.
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