Publications
Partners
Cape Town - The Foschini Group (TFG) [JSE:TFG] posted a increase of 31.2% in retail sales, with the group's UK fashion brand Phase Eight surpassing expectations.
Despite this the share price closed down 2.67% at R138.41 on Friday.
READ: Phase Eight performance surprises TFG
Cash sales growth was stronger in the second half of the year resulting in full year cash sales growth of 18.4%.
"Although credit sales growth was slightly slower in the second half, we are nevertheless pleased with full year credit sales growth of 5.9%, up from 4.3% for the previous year," the company said at their results presentation n Thursday.
TFG's expenses however has increased by 31.5%, this includes Phase Eight. "We are committed to ensuring that our costs are well controlled while maintaining our investment in future growth," TFG said.
Phase Eight impresses
TFG's UK acquisition Phase Eight boosted the company's sales since its opening last year, meeting expectations and targets set.
"Good progress has been made with the integration of this business (Phase Eight)", the company said.
READ: Foschini shows strong sales on UK acquisition
The retail company continues to focus on e-Commerce with Totalsports, Duesouth and Sportscene brands launching their online selling.
"This has proved to be successful with results ahead of expectation," the company stated in its year end results.
Headline earnings per share from continuing operations (excluding once-off acquisition costs) increased 17.6% to 1 055,8 cents.
