TFG’s third-quarter sales jumped 17.3% after Black Friday and holiday sales boosted demand for summer clothing and furniture, it said on Monday, January 23.
Source: Reuters/Siphiwe Sibeko
The increase came despite the company’s main business, TFG Africa, losing nearly 112,000 trading hours in the three months to 31 December due to power cuts across South Africa.
“The group performed very well in Q3 FY2023 with special sales on Black Friday and during the holiday season,” said the owner of Foschini and Markham clothing.
TFG Africa, which accounts for more than 70% of the group’s retail sales, achieved positive results on Black Friday and Cyber Monday, with profits of more than R1bn over the two days, the retailer said.
The business posted 18.4% growth in the quarter, led by apparel and home appliances. His home business also benefited a bit by acquiring Tapestry Home Brands and continuing to expand his Jet brand.
In Australia, home to menswear brands Connor and Johnny Bigg, sales rose 20.9% in Australian dollars as shoppers who had previously closed returned to stores.
In London, home to womenswear brands Hobbs and Whistles, sales rose 2% due to higher UK prices and weaker consumer sentiment.
In the nine months to 31 December, the number of units increased by 20.8%.
Getting Street Fever
TFG also announced an agreement to acquire Street Fever, an independent retailer of affordable footwear and apparel, through its Sneaker Factory brand.
“The acquisition will allow TFG to expand its presence in the premium footwear segment and gain new customers,” it said.
About 90% of the 114 Street Fever shops have been converted into Sneaker Factory stores. The rest, located where the Sneaker Factory store is next door, will be taken by other TFG brands, the retailer added.