The retailer says it wants to be prepared for the risks posed by Covid-19, as well as opportunities
Foschini owner TFG is considering a R3.95bn rights offer. Picture: KATHERINE MUICK-MERE
The fashion group reported a strong operational performance in its 11 months to end-February, but sales fell off sharply in March, with the group saying it wanted to prepare for both economic uncertainty amid the pandemic and opportunity.“This will allow TFG to strengthen its relative position through the recovery and insulate the balance sheet against potential future shocks, while at the same time positioning itself for future growth and opportunities,” the group said.
Headline earnings per share fell 1.1% to 1,174.4c, while retail turnover for the 12 months to March 2020 grew 3.6% to R35.3bn. Cash sales increased by 5.9% and credit sales decreased by 2.5%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TFG holds on to dividend and considers almost R4bn rights offerThe retailer says it wants to be prepared for the risks posed by Covid-19, as well as opportunities
Read more »
Massmart gets R4bn loan from WalmartMassmart reported it had received a R4 billion inter-company loan from Walmart to help its liquidity constraints as it counted the cost of the Covid-19 lockdown period. busrep
Read more »
Owner of Game and Makro gets R4bn loan from US parentBacking from Walmart gives Massmart a serious advantage, an analyst says, after ban on the sale of alcohol costs it R2.3bn in revenue
Read more »
TFG holds on to dividend and considers almost R4bn rights offerThe retailer says it wants to be prepared for the risks posed by Covid-19, as well as opportunities
Read more »
Foschini considers rights offer of up to R3.95 billion to strengthen balance sheet | Fin24The Foschini Group says it will be asking its shareholders for the go-ahead to raise up to R3.95 billion in a rights offer to strengthen its balance sheet and prepare for potential future shocks caused by the coronavirus pandemic. | Fin24
Read more »
The rules for a R200bn govt-backed loan scheme may be relaxed soon – after it fell flatRestrictions on paying dividends and how money may be used could be changed, after many small businesses rejected an offer of 5.5 year loans with no repayments for the first six months.
Read more »