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.
In other news – Beyoncé enjoys relaxed make-up free dinner with Jay Z
Beyoncé has been enjoying some downtime after completing her UK leg of the Renaissance tour. The US star has been killing it out on the road over recent weeks, with the likes of Sir Paul McCartney, Priyanka Chopra Jonas, Naomi Campbell, and Dua Lipa flocking to watch her do her thing on stage.
Bey has wowed crowds five times over at London’s Tottenham Hotspur Stadium, with her UK dates also including Cardiff, Edinburgh, and Sunderland. Learn more