South Africa, Nov. 6 -- The Foschini Group (TFG) reported group retail turnover of R29bn, down 0.4% year on year. Operating profit declined 6.5% to R2.1bn, while headline earnings per share fell 6.8% to 272.8 cents. The group declared an interim dividend of 121 cents per share.

TFG also reduced net debt before IFRS 16 by R1bn to R9.1bn.

"In a tough six months, TFG Africa, our largest business, grew sales, profit and market share, and we have made tangible progress against our four key priorities, all aimed at enhancing returns," said group CEO Anthony Thunstrom.

Africa gains market share

TFG Africa increased retail turnover by 3.8% to R19.7bn, while operating profit rose 2.7% to R1.7bn. Gross margin improved by 10 basis points, and tr...