During February 2020, Truworths released its interim results for the six months ended 31 December 2019. Revenue increased by 1.2% to R11 billion (1H2019: R10.9 billion). Headline earnings per share (HEPS) was up 0.5% to 365 cents (1H2019: 363 cents). Truworths finance costs declined by 10.95% to R179 million (1H2019: R201 million), and cash generated by operations was down by 7.5% to R3 billion (1H2019: R3.28 billion). The group’s sale of merchandise increased by 1% to R10.3 billion (1H2019: R10.18 billion).
The retail sector is one of the sectors that the COVID-19 pandemic has hurt the most, especially in South Africa. Both Truworths and Mr Price operate within the sector, therefore, the earnings and growth comparison of these companies are of great importance.
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