Fin24 reports that The Foschini Group (TFG) – which also owns Markham, Jet, @home, and American Swiss, among other retail brands – saw a 32% increase in its turnover to a record R43.4 billion for the year to end-March.

Cash transactions contributed almost 80% of sales, while online sales now contribute more than 10% of total turnover. Strong demand for TFG’s products contributed to a 40% increase in gross profit, to R21 billion, with headline earnings up 442% to R3.3 billion. TFG said the quick response time of its local manufacturing operations helped to deliver products that were in demand among customers. Over recent years, TFG has switched its manufacturing to SA, away from China, and more than 72% of its clothing sold in the African market is now produced locally. It plans capital investments of R2.1 billion in the coming year, and will open 10 new manufacturing business units. This will help to double jobs in its own factories, as well as associated facilities, from 5,200 this year to 11,200 by 2026. It will also spend R600 million to open more than 350 new stores.

• Read the full original of the report in the above regard at Fin24
• Read too, TFG to build 10 more local factories in major expansion, at BusinessLive (subscriber access only)

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