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JOHANNESBURG (Reuters) - South African
clothing and fashion retailer Foschini lifted annual earnings
more than 50 percent and said on Thursday it is confident
of further earnings growth for the year ahead.
Foschini said headline earnings per share
jumped 51.7 percent to 359.8 cents compared to last year's
237.1 cents and that it planned to open more than 70 stores
in the year ahead.
In March the group said it expected headline
earnings per share, which exclude capital, non-trading
and extra ordinary items to rise by up to 50 percent.
"In the absence of unfOreseen circumstances
we remain confident about the year ahead and expect to
be able to produce another year of good growth,"
the company said in a statement.
The group, which owns the Foschini women's
clothing chain and Markham among others said turnover
for the first eight weeks of the current year is well
ahead of budget.
South African retailers have benefited
from buoyant consumer confidence boosted by record low
interest rates, low inflation and tax reduction.
The group's turnover rose 19.7 percent
to 5.3 billion rand.
Foschini shares rose 0.53 percent to
37.60 by 1233 GMT, while the JSE mid-cap index was 0.29
percent higher.
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