Online penetration boosts TFG retail sales

The Foschini Group (TFG), a clothing retailer, experienced a significant boost in online sales, contributing 15.9% to total retail sales in the 21 weeks ended 22 August, up from 13.8% in the same period last year, according to a trading update. TFG Africa's online sales jumped 54.1%, driven by the success of its Bash e-commerce platform, now making up 10.5% of total sales, a rise from 7.1% previously.

However, TFG London's online sales grew by a comparatively smaller 3.3%, contributing 41.6% to total sales, up from 41.2% in the prior period. The company expects the consumer to remain under pressure in the near-term, and management will continue to focus on growing online penetration while maintaining a disciplined approach to credit extension and space optimization.

TFG, which owns 31 retail brands across fashion, jewellery, accessories, sporting apparel, cellular, homeware, and furniture, has reduced its store portfolio by 85 stores and projects further closures in the coming years.