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By
Reuters
Published
Jul 17, 2009
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S.Africa's Truworths sees headline EPS up 10-15 pct

By
Reuters
Published
Jul 17, 2009

JOHANNESBURG, July 17 (Reuters) - South Africa's biggest listed clothing retailer Truworths Ltd (TRUJ.J) expects to report a 10-15 percent rise in 52-week earnings per share thanks to stronger sales and higher prices, the company said on Friday 17 July.


Truworths

The company said headline EPS for the 52 week trading period to 28 June 2009 would also increase 10-15 percent. Headline EPS is the main profit gauge in South Africa and strips out certain one-off, non-trading and capital items/

Group retail sales for the period increased 10 percent to 6.44 billion rand ($795.1 million), while product inflation was about 10 percent.

After years of bumper growth fuelled by a fast-growing black middle class, South African retailers have struggled to keep sales and profit rising at the same pace, as the country's first recession in 17 years dampens consumer spending.

Truworths shares dipped 1.23 percent to 40 rand by 1139 GMT, in line with a JSE index of general retailers .JGERE.

The country's biggest general retailer Massmart (MSMJ.J) said on Monday 13 July it expected to report an up to 8 percent drop in headline EPS, as spending slows at home and as weaker African currencies hit its stores in the rest of the continent. (Reporting by Rebecca Harrison)

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