South Africa's TFG posts strong FY25, plans 100+ new stores in FY26

The Foschini Group (TFG) has reported a 4.1 per cent year-on-year (YoY) increase in Group revenue to R62.6 billion (~$3.51 billion) for the year ended March 31, 2025, driven by a strong second-half performance and the acquisition of UK brand White Stuff.
Gross profit climbed 6.7 per cent to R28.8 billion (~$1.61 billion), with margins improving by 150 basis points to 49.4 per cent. Operating profit also hit a new high of R6.2 billion (~$347 million), up 4.4 per cent, TFG said in a media release.
TFG Africa, contributing nearly 70 per cent of total Group sales, delivered a 7 per cent rise in second half (H2) sales, resulting in 3.7 per cent growth for the full year. Online sales surged 43.5 per cent, accounting for 5.8 per cent of regional sales. Growth was led by womenswear, beauty, and jewellery, as well as improved performance in recently acquired brands Jet and Tapestry.
TFG London saw sales jump 15.3 per cent YoY, boosted by the acquisition of White Stuff in October 2024. Excluding the new acquisition, sales fell 9.5 per cent. Online sales now account for 44.8 per cent of TFG London's total, while overall gross margin rose to 65.5 per cent due to fewer supply chain disruptions and improved cost control.
In contrast, TFG Australia faced a 6 per cent drop in sales, largely due to weak consumer spending and weather-related disruptions. However, EBIT before brand impairment held strong at AU$81 million (~$52.57 million), with online sales rising 7.3 per cent.
TFG's basic earnings per share (EPS) rose by 4.9 per cent to 980.6 cents (~$0.55), and headline EPS increased 4.6 per cent to 1,015.6 cents (~$0.57). The board declared a final ordinary dividend of 230 cents per share (~$0.13), up 15 per cent from the previous year. A preference dividend of 6.5 cents per share was also announced.
Looking ahead, the group expects to build on its strong FY25 momentum despite varied economic conditions across its markets. In South Africa, early signs of improvement in inflation, interest rates, and fuel costs support cautious optimism, although consumer confidence and loadshedding risks persist. TFG Africa's sales rose 9.9 per cent in the first eight weeks of FY26, aided by strong online growth and operational efficiency from the nearly fully operational Riverfields distribution centre. Over 100 new store openings are planned for the year, along with continued investment in the profitable Bash platform.
In the UK, White Stuff remains a key growth driver, with the broader portfolio showing early signs of recovery as Spring/Summer trading improves. TFG London's sales grew 10.8 per cent during the same period, though sales excluding White Stuff declined.
In Australia, while trading remains pressured, recent interest rate cuts and modest sales growth in May point to stabilisation. TFG remains confident in delivering against its medium- and long-term targets through geographic diversification, digital expansion, and cost discipline.
TFG's FY25 revenue rose 4.1 per cent to R62.6 billion (~$3.51 billion), driven by strong H2 and UK's White Stuff acquisition. Gross profit rose 6.7 per cent, EPS grew 4.9 per cent, and a 15 per cent higher dividend was declared. TFG Africa led with 9.9 per cent early FY26 sales growth. UK shows signs of recovery; Australia remains pressured. Over 100 new stores and digital investments are planned.
Fibre2Fashion News Desk (HU)

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