Operating update – TFG Group reported retail turnover growth of 14.3%, despite challenges such as load shedding in South Africa and macroeconomic difficulties. TFG lost R1.5 billion in turnover this year to loadshedding. It also impacted margins (gross margin fell 2.1%) as the retailer was forced to markdown inventory. TFG Africa achieved retail turnover growth of 15.6% in Q4 FY2023, excluding the impact of Tapestry. TFG expanded its market share by 0.3% particularly in the Sports Division and through the acquisition of Tapestry Home Brands.
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