South African retailer Foschini Group's turnover rises 4.5% in Q3 FY24

25 Jan '24

2 min read

Pic: Foschini

Insights

South Africa's Foschini Group reported a 4.5 per cent increase in Q3 FY24 turnover.
TFG Africa led the growth with a 5.1 per cent rise, while cash turnover increased by 6.6 per cent.
In contrast, TFG London and TFG Australia experienced declines in turnover.
The digital segment saw substantial growth, with online turnover surging by 29.2 per cent.

The Foschini Group (TFG), a prominent South African retail conglomerate, has reported increase of 4.5 per cent in turnover in the third quarter of fiscal 2024 (Q3 FY24), compared to Q3 FY23. TFG Africa, a subsidiary of Foschini Group, played a significant role in this growth, with a 5.1 per cent increase in turnover for Q3 FY24.

TFG Africa also demonstrated robust cash turnover growth, which increased by 6.6 per cent in Q3 FY24. This performance in cash turnover has led to it constituting a substantial portion of TFG Africa turnover (75.8 per cent) and group turnover (82.4 per cent), TFG said in a press release.

In contrast, TFG London and TFG Australia experienced declines in turnover for Q3 FY24. TFG London saw a decline of 3 per cent in Great British pound (GBP) compared to a strong post-COVID-19 recovery base in Q3 FY23. Similarly, TFG Australia's turnover declined by 7.3 per cent in Australian dollar (AUD), also off a strong post-COVID-19 recovery base.

The digital front showcased growth, with group online turnover surging by 29.2 per cent in Q3 FY24. This digital expansion contributed significantly, accounting for 9.1 per cent of total group turnover for the quarter. TFG Africa's online turnover played a pivotal role, growing by 44.8 per cent in Q3 FY24 and contributing 4.2 per cent to the total TFG Africa turnover.

Fibre2Fashion News Desk (DP)