News24 Business | Foschini owner TFG surges 8% as it hikes dividend a third amid market share gains

News24 Business | Foschini owner TFG surges 8% as it hikes dividend a third amid market share gains

Business

Shares in TFG surged more than 8% on Friday after the Foschini owner hiked its final dividend by a third as it reported record full-year revenue and gross profit. It also reported gaining market share in its core South African business.  

The group, which owns brands such as JET, Sportscene and Totalsports, said its core TFG Africa division, which includes its South African operations, reported an 8.9% rise in revenue to a record R60 billion to end-March, as well as “year-long market share gains across all merchandise categories”.

Speaking on an investor conference call, CEO Anthony Thunstrom said TFG continued to “outtrade the rest of the market and make further market share gains” across its key categories through its organic business. It has also been helped by recent strategic acquisitions in the general apparel category, as well as men’s, women’s, kids’, and babies’ apparel.

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“Shares in TFG surged more than 8% on Friday after the Foschini owner hiked its final dividend by a third as it reported record full-year revenue and gross profit, gaining…”

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