Economy concerns South African retailer despite increase in sales

11/7/2008 | Reuters

Truworths, the leading fashion retailer in South Africa, reported strong sales for the first 18 weeks of the 2009 financial year but warned that the outlook for the remainder of the year looks disappointing. Consumers in South Africa are dealing with increasing inflation and higher interest rates, making it difficult for the country's retailers to maintain profit growth. "We are probably in for one of the toughest Christmases on record, but Truworths are looking resilient," said Syd Vianello, a retail analyst at Nedcor Securities.

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