ABN – South African clothing retailer Truworths International Ltd. has seen its shares rise to their highest in six years on the back of significant sales growth.
Cash sales rocketed up 25%, compared with a 17% rise in credit purchases.
The company’s revenue increased by 19% in the 18 weeks to October, compared with 4.7% growth over the same period last year.
Truworth’s shares rose by 10% in the period, contributing to a 37% increase this year, valuing the company at 45 billion rand ($3.2 billion).
These results follow the retailer purchasing two childrenswear chains earlier this year: Earthchild in March, and Naartjie in April.
Truworth’s success is quite surprising in the midst of a slump in South Africa caused by high unemployment, power costs and fuel prices.