Foschini sees H1 profit fall
SOUTH Africa’s TFG expects its half-year profit to fall by 20 percent as sales declined due to store closures during Covid-19 lockdown restrictions, the retailer said on Tuesday as its shares were down more than five percent.
Previously known as The Foschini Group, TFG said basic headline earnings per share would fall by 105,3 cents in the six months to September 30, from 526,7 cents a year earlier.
The fashion retailer said trading conditions across South Africa, the United Kingdom and Australia continued to be challenging, with consumer spending under significant pressure, exacerbated by further job losses and social distancing rules. – Reuters