Online demand lifts TFG in year-end results
With strong online demand for all its brands, The Foschini Group’s (TFG’s) retail division recorded double-digit turnover growth in the past 12 months, lifting the retailer’s full-year performance.
TFG today reported its performance for the year ended March, showing robust achievement in the period, evidenced by the surge of retail unit turnover, with online sales contributing immensely.
In the current reporting period, TFG says online retail turnover grew by 11.7% to R4.4 billion, contributing 10.2% to total group retail turnover.
The group’s retail turnover grew by 31.6% to R43.4 billion, which TFG says was above expectation.
“The group delivered a robust post-COVID-19 recovery during the past financial year. The group’s retail outlets delivered a strong trading performance as economic activity resumed in the wake of reduced restrictions on movement and travel,” says TFG.
For the year, other TFG key performance metrics included headline earnings per share and basic earnings per share increasing by 409.9% and 246.9%, respectively.
TFG’s group revenue rose 29.7% to R46.2 billion, and the retailer declared a final dividend of 330c per share.
The growth of TFG’s online division comes as the group broadens its footprint in the digital economy.
Last year, TFG completed the talent acquisition of the Flat Circle team, a specialist mobile app development agency based in Cape Town, to sharpen its digital offerings.
Also, the retailer has since inked a partnership with TymeBank, a relationship TFG CEO Anthony Thunström believes his group will benefit from.
“We are truly excited about this partnership with TymeBank, as they are recognised as one of the fastest-growing digital banks globally. The bank has deep expertise in managing a digital ecosystem platform plus related products and services, and I believe TFG’s customers will benefit from an enhanced shopping experience,” he said at the time the partnership was unveiled.