SOUTH AFRICA: Foschini Enjoys Strong H1, Ses FY Growth
South African apparel chain Foschini on Tuesday announced a 58 per cent year-on-year surge in first half earnings to 69 cents a share as it reaped the rewards of improved margins and higher sales.
The firm, whose banners include Sports Division and Markhams, said in a news release first half turnover jumped 21 percent to $182 million compared to the year-ago period but warned it faces a tough second half.
"We expect trading conditions to be more challenging in the second half of the financial year due to the rising interest rates and the resultant effect on the consumer," it said.
"We remain confident about the second half and expect a material growth in earnings for the full-year."
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