TFG holds on to dividend and considers almost R4bn rights offer

📆 6/18/2020 12:02 PM
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The retailer says it wants to be prepared for the risks posed by Covid-19, as well as opportunities

Foschini owner TFG is considering a R3.95bn rights offer. Picture: KATHERINE MUICK-MERE

The fashion group reported a strong operational performance in its 11 months to end-February, but sales fell off sharply in March, with the group saying it wanted to prepare for both economic uncertainty amid the pandemic and opportunity.“This will allow TFG to strengthen its relative position through the recovery and insulate the balance sheet against potential future shocks, while at the same time positioning itself for future growth and opportunities,” the group said.

Headline earnings per share fell 1.1% to 1,174.4c, while retail turnover for the 12 months to March 2020 grew 3.6% to R35.3bn. Cash sales increased by 5.9% and credit sales decreased by 2.5%.

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