Truworths gets boost from UK's Office as SA volumes slump

Truworths' UK footwear chain Office provided a bright spot for the JSE-listed retailer, helping the group deliver 10% retail sales growth even as volumes in its SA business slumped.

The company reported on Thursday that group retail sales for the first 17 weeks of the 2024 financial year were 10.9% higher at R6.6 billion, with Office being the star performer with an 18.9% rise in local currency terms.

In rand terms, the performance was even more impressive, with a 38.8% surge to R2.1 billion. Truworths Africa, which is mostly made up of its South African operations, delivered a far more muted performance, with retail sales increasing 1% to R4.4 billion, while on a comparable store basis retail sales fell 2.2%.