South Africa's Truworths posts smaller-than-expected profit decline | Investing Home
JOHANNESBURG (Reuters) - South African clothes retailer Truworths reported a smaller-than-expected fall in annual profit on Thursday as recession-hit consumers spent warily.
Diluted headline earnings per share declined about one percent to 661 cents in the 53 weeks to July 2, South Africa's third-largest listed apparel retailer said, beating the average estimate of 636 cents in a poll of 12 analysts by Thomson Reuters I/B/E/S.
Headline EPS, a widely watched profit measure in South Africa, strips out certain one-off, non-trading items.
Shares in Truworths, which also runs the British footwear chain Office, jumped 4.5 percent to 79.86 rand, outpacing a slight decline in the JSE All-share index.
Retailers in Africa's most advanced economy have nearly all complained of tough trading conditions as consumer sentiment plumbs multi-year lows and high unemployment and inflation gnaws at disposable income in the nation's first recession in eight years.
Reporting by Tiisetso Motsoeneng; Editing by Adrian Croft