The Truworths International Integrated Report is supplemented by additional information which is relevant to shareholders and other stakeholder groups.
The documents below are available online at www.truworthsinternational.com.
Annual General Meeting
Readers should note the following references throughout the Integrated Report:
Truworths International Ltd and its subsidiaries is referred to as ‘the Group’
Truworths International Ltd is referred to as ‘Truworths International’ or ‘the company’
Office Holdings Ltd is referred to as ‘Office’
The Group excluding Office is referred to as ‘Truworths’
Group financial performance
South Africa’s economic prospects are currently being stifled by excessive debt levels in state-owned enterprises with crippling debt servicing costs, past widespread corruption which is going unpunished and unemployment in the country at a 15-year high.
The Group’s performance for the period was dominated by the decline in profitability of the Office chain in the UK. Uncertainty over Brexit and muted consumer confidence, together with the pressure on store-based retailing as consumer spending shifts to online shopping, continue to negatively impact the UK economy and the retail sector in particular.
Challenging trading conditions in the Group’s two major markets continued to impact performance and contributed to a decline in earnings for the period. Truworths posted a steady performance in the weak South African retail market while the profitability of the Office chain was impacted severely by the depressed UK trading conditions.