South African fashion retailer Truworths’ half-year profit rises 1.3%

South African fashion retailer Truworths International TRUJ.J reported on Thursday a 1.3% rise in half-year profit as strong sales at its UK shoe chain Office offset weakness in its Africa business due to subdued consumer spending. Headline earnings per share (HEPS) rose to 495.4 cents in the six months ended December 28, while group trading profit, which excludes interest income, increased 2.8% to 2.1 billion rand ($132 million). Group retail sales were unchanged at 12.5 billion rand.

Gross profit margin was also unchanged at 51.8%. In contrast, UK-based shoe retailer Office posted a 6.4% rise in sales to 191.9 million pounds ($259.72 million). Truworths declared an interim dividend of 321 cents per share, up 1.3%.