Truworths, a South African and UK clothing retailer, has reported double-digit revenue growth for the year to July 2, 2023.
- Despite selling slightly fewer items in South Africa, the company’s sales grew by 11.4% to R20.6bn ($1.4 billion) compared to the previous period.
- The retailer’s UK business, Office, also experienced a 5.3% increase in sales.
- Truworths attributes the positive results to strong online sales, loyalty programs, and improved product offerings.
- The company’s stock price rose by 3.5% after the announcement of the results.
- Truworths plans to continue its expansion efforts in South Africa, the UK, and Africa.
- The retailer also plans to invest in technology and digital transformation to enhance customer experience and optimize operations.
- Truworths’ positive results are a promising sign for the retail industry in South Africa.