JSE-listed retailer TFG, formerly known as The Foschini Group, today announced a 6.6% increase in online retail revenue for the year ending March 2023.
The retailer said online retail sales contributed 9.1% to the group’s total sales.
TFG Africa’s retail sales increased by 17.2% compared to the same period in the previous financial year.
The retailer added that TFG Africa’s online retail sales increased by 33.2% and now contribute 3.5% to TFG Africa’s total retail sales.
TFG Africa’s outlet retail turnover, increased by 16.7% and now contribute 96.5% to TFG Africa’s total sales.
“This region experienced heightened consumer pressure, unprecedented load shedding and consequently surplus inventories which resulted in a higher level of promotional activity which negatively impacted gross margin,” TFG said.
TFG London’s retail sales growth increased by 9.4% compared to the same period last year.
TFG London’s online retail sales decreased by 0.3% and now contribute 41.2% to TFG London’s total retail sales.
TFG Australia’s retail sales increased by 29.8% compared to the same period in the previous financial year.
TFG Australia’s online retail sales decreased by 11.5% and now contribute 6.3% to TFG Australia’s total retail sales.
