Clothing retailer The Foschini Group (TFG)has seen online sales grow by 15.3%, now contributing 15.9% to total retail sales, up from 13.8% during the same period.
This emerged in a trading update for the 21 weeks ended 22 August, as announced by the retail group yesterday.
During the period under review, TFG’s overall sales grew by 0.2% to R23 billion.
TFG Africa’s online sales jumped 54.1%, driven largely by the continued momentum of its Bash e-commerce platform. This brings total sales contribution to 10.5%, up from 7.1% in the prior comparative period.
According to the retailer, TFG London was impacted by the continued weak UK economy, with online sales growth of 3.3% contributing 41.6%. The prior period, it stood at 41.2% of total sales.
“Globally the consumer is expected to remain under pressure in the near-term,” it says.
“Management will maintain a disciplined approach to credit extension and space optimisation, while continuing to focus on growing online penetration. The outlook remains cautious.”
With 31 retail brands under its ownership, trading in fashion, jewellery, accessories, sporting apparel, cellular, homeware and furniture, TFG is among South Africa’s largest retail groups.
Its brands include Archive, Duesouth, Exact, Fabiani, Foschini, @home, Markham, Relay Jeans, Sportscene, The FIX and Totalsports.
To reduce business costs and improve efficiency, the group reduced its store portfolio by 85 stores during the current period.
It projects a further 80 stores within TFG Africa’s store portfolio will close during the 2027 financial year, and an additional 100 stores during each of the following two financial years.
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