Truworths says group retail sales up 14%

South African clothing retailer Truworths International reported a 14% increase in retail sales for the first 18 weeks of the 2009 financial year and predicted business would remain tough for the rest of the year.

The company said on Thursday retail sales in the first 18 weeks of the 2009 financial year increased by 14% to R2,065-billion and its debtors book rose 1% to R2,3-billion.

Same-store sales rose 8% while product inflation increased 6%.

South Africa’s biggest fashion retailer said trading conditions were tough and were expected to remain so for rest of the year, although it expects to report satisfactory growth for the financial period ended June 2009.

South African retailers have been struggling to maintain profit growth as consumers battle higher interest rates and inflation.—Reuters

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