Wrap Text
Business update and voluntary trading statement for the 26-week period ended 28 December 2025
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 AND VOLUNTARY TRADING STATEMENT FOR THE 26-WEEK PERIOD ENDED 28 DECEMBER 2025
Office UK traded well throughout the 26-week period ended 28 December 2025 (the 'current
period'), supported by its unique positioning, strong brand appeal and the success of its store
development and remodelling programme, despite the challenging macroeconomic conditions
in the United Kingdom. Low economic growth, a softening labour market and subdued
consumer confidence continue to weigh negatively on consumer spending.
Truworths Africa's retail sales performance remained constrained in the current period, albeit
at a slightly higher gross margin, as South African consumers continue to face significant
financial pressure. However, South Africa's macroeconomic environment is showing early
signs of improvement, underpinned by a stronger Rand, inflation expectations stabilising
around 3%, enhanced fiscal inflows from buoyant commodity revenues, lower fuel prices and
the prospects of further monetary easing.
Group retail sales for the current period were unchanged at R12.5 billion, relative to the first
26 weeks of the 2025 financial period (1 July 2024 to 29 December 2024) (the 'prior period'
or 'Dec-24').
Since the release of the Group's 18-week business update on 6 November 2025, retail sales
momentum has improved marginally across both business segments.
Retail sales performance by business segment was as follows:
Retail sales Change on
current period prior period (%)
Group R12.5bn -
Truworths Africa R8.0bn (3.6)
Office UK £191.9m 6.4
Account sales comprised 45% of Group retail sales (Dec-24: 47%). Cash sales increased by
2.3%, while account sales decreased by 2.7%, relative to the prior period.
Truworths Africa
Truworths Africa's retail sales decreased by 3.6% relative to the prior period. Account sales
decreased by 2.7% and comprised 71% of the segment's retail sales (Dec-24: 70%). Cash
sales decreased by 5.8%.
Online sales delivered strong growth of 23.3%, contributing 7.4% to the segment's retail
sales (Dec-24: 5.8%).
Gross active trade receivables decreased by 2.1% to R6.9 billion (Dec-24: R7.1 billion). The
number of active accounts increased by 0.6%. Active account holders able to purchase and
overdue balances to gross trade receivables were 82% and 13%, respectively
(Dec-24: 83% and 12%).
Truworths Africa's disciplined strategy to moderate credit book expansion during the 2025
financial year, particularly within higher-risk segments, has created capacity to prudently
assume incremental risk. Nonetheless, the Group maintains the view that operating conditions
will remain challenging, and accordingly, it continues to pursue a measured approach to credit
expansion.
Trading space in this segment is expected to increase by approximately 1% for the 2026
financial period (measured year-on-year at June 2026).
Office UK
Office UK's retail sales increased by 6.4% (in Sterling) relative to the prior period. In Rand
terms, retail sales increased by 7.1% to R4.5 billion. Online sales increased by 7.5% (in
Sterling) and comprised 45.7% of the segment's retail sales (Dec-24: 45.2%).
The store development and remodelling programme in Office UK will continue during the
second half of the 2026 financial period. Trading space in this segment is expected to increase
by between 10% to 12% on a weighted-average basis for the 2026 financial period.
Earnings
The Group estimates its earnings per share ('EPS') and headline earnings per share ('HEPS')
for the current period, on an undiluted basis, to fall within the following ranges:
Dec-2024 Dec-2025 Dec-2025
26 weeks Estimated change Estimated range
(cents) (%) (cents)
EPS 488.6 0% to 2% 489 – 499
HEPS 489.2 0% to 2% 489 – 499
Shareholders are advised that this business update and voluntary trading statement do 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 current
period are scheduled for release on or about Thursday, 26 February 2026.
Cape Town
22 January 2026
JSE Sponsor: One Capital
NSX Sponsor: Merchantec Capital
Date: 22-01-2026 05:05:00
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