Truworths' 4 months revenue up 5.9%

Truworths' 4 months revenue up 5.9%
Truworths Limited group CE Themba Ndebele
Published: 28 November 2013
Truworths Limited group CE Themba Ndebele told an AGM this morning recorded a 5.9% turnover growth for the four months ending October 13.

Truworths launched a 36 months In-store Credit Card facility for exclusive use in the Truworths/ Topics Stores.

The initial phase of the credit card would be limited to a funding of $5 million with a few selected customers.
"The turnover for the month of October only was up 19% with the introduction of the credit card," said Ndebele.
EBITDA margin increased to 14.7% for the period under review against 13.3% recorded in the same period last year.

The retail industry is entering into its peak season with Ndebele saying the period will "define our year."
He said Truworths is cautiously optimistic that the outturn for this Christmas will be positive. He also noted that Christmas shopping is going to start late because a lot of the bonuses haven't started coming with their big customer base expected to start receiving bonuses from December 13th.
Shareholders approved directors and audit fees of $19,710 and $99,750 respectively. Ernst & Young were reappointed external auditors for the company.

- zfn


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