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Business update
Truworths International Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/017491/06)
JSE and A2X Code: TRU
NSX Code: TRW
ISIN: ZAE000028296
LEI: 37890099AFD770037522
('Truworths International' or the 'Group')
BUSINESS UPDATE
The Group continued to trade well in the first 18 weeks (from 30 June 2025 to 2 November
2025) of the 2026 financial period (the 'current period') in the United Kingdom ('UK') through
its Office stores and advanced online capabilities, outperforming in the UK despite prevailing
macroeconomic headwinds. With the dedicated support of the Group's strong management
team, systems and processes, Office UK has become a highly sought after retail partner for
leading fashion footwear and top sneaker brands worldwide due to its unique positioning and
the brand's strong appeal to both female and male customers.
During the current period Truworths Africa's retail sales growth was constrained compared to
the first 18 weeks (from 1 July 2024 to 3 November 2024) of the 2025 financial period (the
'prior period') when sales were boosted by high levels of promotional activity to ensure that
terminal stock levels were achieved. Notwithstanding the decline in retail sales, the Truworths
Africa gross profit margin has improved since the prior period. Several strategic initiatives
have been initiated to reposition Truworths Africa for the future.
The Group's balance sheet and cash generation remain strong. Based on the Group's positive
net cash position, the board reinitiated the share buyback programme in September 2025.
Group retail sales for the current period were unchanged at R7.2 billion at an improved gross
profit margin, compared to the prior period.
Retail sales performance by business segment was as follows:
Retail sales Change on
current period prior period (%)
Group R7.2bn -
Truworths Africa R4.5bn -4.0
Office UK £113.3m 6.0
Account sales comprised 45% (prior period: 46%) of Group retail sales, with account sales
decreasing by 3.0% and cash sales increasing by 2.6%, relative to the prior period.
Truworths Africa
Retail sales for the current period decreased by 4.0%. Account sales decreased by 3.0% and
comprised 71% (prior period: 70%) of the segment's retail sales for the current period. Cash
sales decreased by 6.3%.
Truworths Africa's online sales continued to show good growth in the current period,
increasing by 23.3% and contributing 8.3% (prior period: 6.4%) to the segment's retail sales.
As reported in the 2025 financial year-end results, the segment adopted a cautious approach
to credit extension over the last 12 to 18 months, particularly to higher-risk credit customers,
due to the challenging macroeconomic conditions in South Africa. At the end of the first
quarter ended 28 September 2025 ('FY26-Q1'), Truworths Africa's gross active trade
receivables were 3.5% lower at R6.1 billion relative to R6.3 billion at the prior quarter ended
29 September 2024 ('FY25-Q1'). The number of active accounts decreased by 2.8%.
Although this credit strategy constrained credit sales performance, it improved the quality of
the segment's active trade receivables portfolio, with active account holders able to purchase
and overdue balances to gross trade receivables improving to 80% and 16%, respectively, in
FY26-Q1 (FY25-Q1: 79% and 18%). The improvement in these metrics bodes well for credit
extension over the next 12 to 24 months, subject to the continuing application of strict credit-
granting criteria, in what is anticipated to be an improving macroeconomic period.
The number of new accounts opened in the current period exceeded those opened in the prior
period showing strong demand for Truworths Africa's brands and aspirational product.
The consolidation of existing distribution centres and the transition to our new distribution
facility has been completed with part allocation of merchandise to stores now fully
implemented.
Trading space in the Truworths Africa segment is expected to increase by approximately 1%
for the 2026 financial period (measured year-on-year at June 2026).
Office UK
Office UK recorded retail sales growth of 6.0% (in Sterling) relative to the prior period. In
Rand terms, retail sales increased by 7.7% to R2.7 billion (prior period: R2.5 billion). Online
sales for the current period increased by 5.2% and comprised 42.6% of the segment's retail
sales (prior period: 42.9%).
Trading space in the Office UK segment is expected to increase by between 10% to 12% on
a weighted average basis for the 2026 financial period.
Shareholders are advised that this business update does not constitute an earnings forecast,
that the financial information provided herein is the responsibility of the directors, and that
such information has neither been reviewed nor reported on by the Group's external auditors.
The Group's interim results for the 26-week period ending 28 December 2025 are scheduled
to be released on or about Thursday, 26 February 2026.
Cape Town
6 November 2025
JSE Sponsor: One Capital
NSX Sponsor: Merchantec Capital
Date: 06-11-2025 09:49:00
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