TFG sales leap with Black Friday and festive boost (updated)

China Cultural Tourism and Agriculture

23/01/2023 16:49

(Adds detail)
       JOHANNESBURG, Jan 23 (Reuters) - South African retailer
TFG's  TFGJ.J  third-quarter sales jumped by 17.3% after Black
Friday sales and holiday specials spurred demand for summer
clothes and furniture, it said on Monday.
    The increase was despite the company's biggest business, TFG
Africa, losing about 112,000 trading hours during the three
months to Dec. 31 because of rolling power cuts throughout South
Africa. 
    "The group delivered a strong performance in Q3 FY2023 with
exceptional Black Friday and festive period trade," the owner of
the Foschini and Markham clothing brands said. 
    TFG Africa, which accounts for more than 70% of group retail
turnover, achieved a record result over Black Friday and Cyber
Monday, with turnover exceeding 1 billion rand ($58.14 million)
over the two days, the retailer said. 
    That business achieved retail turnover growth of 18.4% in
the quarter, largely driven by clothing and homeware. Its
homewares business also partly benefited from the acquisition of
Tapestry Home Brands and continued expansion of its budget brand
Jet.
    In Australia, where it owns menswear clothing brands Connor
and Johnny Bigg, sales rose 20.9% in Australian dollars as
previously locked-down shoppers returned to stores.
    In London, where it owns womenswear clothing brands Hobbs
and Whistles, sales edged up by 2% as double-digit UK inflation
and low consumer confidence capped sales.
    In the nine months to Dec. 31, group turnover rose by 20.8%.
    TFG also announced an agreement to acquire Street Fever, an
independent retailer of affordable branded footwear and
clothing, through its Sneaker Factory brand.
    "The acquisition will allow TFG to scale up its presence in
the value branded footwear segment and gain new customers," it
said.
    About 90% of the 114 Street Fever shops will be rebranded as
Sneaker Factory stores. The remainder, which are located where
Sneaker Factory outlets are nearby, will be taken up by other
TFG brands, the retailer added.
 
($1 = 17.1985 rand)
 (Reporting by Nqobile Dludla
Editing by David Goodman)
 ((nqobile.dludla@thomsonreuters.com; +27103461066;))