South African retailer The Foschini Group (TFG) has reported a drop in earnings on the back of increased inflationary pressure on consumers and constant power cuts. The retailer, which owns Foschini, At Home and Jet stores says despite its resilience in the tough trading environment, its earnings fell by 4 percent in the trading period.
The company did benefit from Jet which it bought three years ago to service lower-income earners. It is also added its home-furnishing brand to 78 of out of over 400 its outlets across the country. Consumers have been drawn to Jet stores as they look for more affordable clothing and homeware.
TFG estimated that it lost 730,000 of trading hours during the 12 months ended 31 March 2023 because of load-shedding and profits were cut by over R1.5 billion due to the power cuts.
Source: eNCA
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