TFG profit hit as it cut prices to deal with excess stock

While Foschini owner TFG grew its half-year sales by more than 12% to R26.4 billion, the group’s profits were hit by cut-price sales.

Headline earnings were down 14.9% to R1.3 billion.

CEO Anthony Thunström said the impact of load shedding had affected store operations and severely dampened consumer sentiment and discretionary spending. Nearly 287 000 trading hours had been lost to load shedding in the first half of the financial year.