Truworths sales improve in Q1’2021

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  • Sales volumes increased by 27.8%
  • Of this, 56.8% were cash sales with 43.2% credit sales
  • The Group expect sales increase in Q2’2021

Harare – Listed clothing retail group, Truworths Zimbabwe Limited registered a 27.8% sales volume increase for the first quarter ended 10 0ctober 2021 ahead of 2020’s corresponding period, despite facing challenges in trading hours due to COVID-19 induced lockdowns.

On the quality of sales, 56.8% of sales were cash sales and 43.2% were Credit sales compared to 70.5% and 29.5% respectively in the similar period last year. This shows a 13.7% decline in cash sales for 2021 and a 29.5% increase in credit sales compared to last year.

Sales increased as time moved towards the festive holiday with July, August and September sales rising by 9.3%, 26.5% and 43.1% in their respective orders.

“The quarter October to December is traditionally the strongest in terms of trade volumes. We expect that tradition to carry on this year subject to any COVID-19 restrictions that may be imposed,” the Group said in a statement accompanying the trading update.

Meanwhile, the Group increased customer credit limits in July 2021 in line with salary increases in the general economy and the slowing down of month on month inflation.

The Group added that “Credit granting is continuously reviewed taking into consideration developments in a month on month inflation and the need to manage the risk of loss of value on the Debtors book.”

Truworths Limited Zimbabwe is part of Truworths International; an investment holding company that retails casual-wear clothing, footwear and fashion accessories in branded stores located in the major towns and cities of Zimbabwe.

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