TFG reports upbeat sales growth in December

South African retailer The Foschini Group (TFG) has reported a 31 percent increase in December sales after its recent acquisition of Britain’s womenswear label Hobbs, reports Reuters Africa. The group had earlier acquired two other UK-based businesses including Phase Eight in 2015 and high-street fashion retailer Whistles in 2016.

The company said in statement that the group’s expansion into the foreign markets led to 64 percent jump in its international division’s December sales. The quoted the company statement that said: “Following very strong Black Friday trade on November 24, December trading was pleasing and above management’s expectations. For the nine months to December 31, total sales including its African and international divisions were up 17.1 percent.”

For the nine months to the end of December, total sales including its African and international divisions were up 17.1percent or 19.1 percent currency-neutral, while at TFG London, total turnover was up 13.5 percent for the nine month period.

Picture:Hobbs website