Foschini aims to double African sales outside SA.

By bne IntelliNews May 31, 2012
South African fashion retailer Foschini Group targets to double its turnover from stores in Africa outside its domestic market to ZAR 1bn (EUR 95.5mn) by 2015, Business Day reported. The company plans to open two stores in Nigeria next month and could open more if more shopping centres were built, according to its CEO Doug Murray. Foschini, which runs 87 stores in Africa, plans to open 39 new stores in the next two years. Its plans include also entry into the market of Mozambique. Foschini Group posted a turnover of ZAR 11.6bn for the fiscal year to end-March 2012, up 17% y/y. Same-store turnover grew 10.6% while product inflation averaged 6% for the year. The companys diluted headline earnings per share, which exclude certain one-off items and are a major gauge of profitability in South Africa, rose 23.6% to 766.1 cents. Its operating margin rose to 24% from 23.2%, nearing its medium-term target of 25%. Foschini announced that it recorded sales growth in all merchandise categories, including clothing with an 18.3% annual growth in sales, jewellery with 7.9% rise, cosmetics with 10.3%, home-ware and furniture with 18%, and cellphones with 23.9%.

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