May 23, 2019 / 12:26 PM / a month ago

South Africa's TFG reports annual sales up almost 20%

JOHANNESBURG, May 23 (Reuters) - South African retailer The Foschini Group (TFG) reported a 19.6% rise in retail annual sales on Thursday as all three of its businesses performed well and online turnover jumped by 57.2%.

“Against a backdrop of tough trading conditions and in an environment where the retail sector is facing significant disruption, all three business segments produced strong turnover growth in relation to their respective markets,” Chief Executive Officer Anthony Thunström said in a statement.

Group retail sales for the year ended March 31 rose to 34.1 billion rand ($2.36 billion) from 28.5 billion. Online sales accounted for 8.8% of group turnover.

The retailer, which sells clothes, jewellery, homewares and furniture, declared a final dividend of 450 cents per share, up 7.1%.

$1 = 14.4438 rand Reporting by Nqobile Dludla; editing by Jason Neely

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