The Truworths group has announced that it will be launching a new value-focused chain to gain entry into the lower end of the South African fashion market. This means that the group will be competing on the same playing field as long time value fashion retailers like Mr Price, Pep stores and Jet. Account sales decreased by 10.3% and cash sales decreased by 6.5%, relative to the prior period. Retail sales for Truworths Africa decreased by 6.8% to R7.3 billion, with account sales decreasing by 10.3% and cash sales increasing by 1.9%. Online sales contributed approximately 59% of retail sales for the period.

Source: News 24 February 19, 2021 05:48 UTC