Wrap Text
THE FOSCHINI GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1937/009504/06)
LEI: 3789PTO7LG718IG59F97
JSE / A2X share code: TFG
Ordinary share code: TFG
ISIN: ZAE000148466
Preference share code: TFGP
ISIN: ZAE000148516
("TFG" or "the Company" and together with its affiliates "the Group")
TRADING UPDATE FOR Q4 FY2026 TO DATE AND THE 50 WEEKS ENDED 14 MARCH 2026; AND UPDATED
TRADING STATEMENT FOR THE 12 MONTHS ENDING 31 MARCH 2026
The Group is releasing this trading update, together with an updated trading statement, ahead of the management
team's attendance at investor conferences during the week of 23 March 2026.
This trading update relates to the 11 week period from 28 December 2025 to 14 March 2026 ("Q4 to date") against
the comparative 11 week period from 29 December 2024 to 15 March 2025 ("prior period Q4 to date") and the 50
weeks ended 14 March 2026 ("year to date" or "current period") against the comparative 50 weeks ended 15 March
2025 ("prior year to date" or "prior period").
TFG AFRICA
Sales have grown by 7,6% in Q4 to date, reflecting an improvement in performance and partly due to the dissipation
of the two-pot retirement funds release in the base. Sales for the year to date now reflects an increase of 5,2%, with
online sales and value-added revenues continuing to show significant growth.
Gross margin has also now normalised since January, however this has been insufficient to recover margin lost
during the year up to and including peak season in Q3 FY2026, as previously disclosed.
TFG LONDON
Sales have grown by 3,4% (in GBP) in Q4 to date, which now includes White Stuff in the base. Sales have grown by
31,0% (in GBP) for the year to date and by 0,4%^ excluding White Stuff, which continues to perform well, with
pro-forma sales growth of 5,2%^ for the year to date.
TFG AUSTRALIA
Sales have been flat for Q4 to date. Year to date sales have contracted by 1,4% (in AUD).
OUTLOOK
Geopolitical uncertainty is expected to contribute to elevated input costs and cautious consumer behaviour. The
Group's diversification and local manufacturing capability within its TFG Africa division provides some resilience,
with management actions focused on cost discipline and operational efficiencies to mitigate these headwinds
where possible.
The Group maintains a sound balance sheet position, supported by committed banking facilities and prudent
working capital management. Inventory in the Group's largest division, TFG Africa, is expected to close within
normal levels.
UPDATED TRADING STATEMENT FOR THE FINANCIAL YEAR ENDING 31 MARCH 2026
In accordance with paragraph 6.26 of the Listings Requirements of the JSE Limited, a listed company is required to
publish a trading statement as soon as it is reasonably certain that the financial results for the next reporting period
will differ by at least 20% from the results of the corresponding prior period.
The Group previously reported in its trading statement released on 3 February 2026 that earnings per share ("EPS")
is expected to decline by more than 20%. Shareholders are now advised that a reasonable degree of certainty exists
that both EPS and headline earnings per share will decline by more than 20% from the results of the corresponding
prior period. The Group will publish a further trading statement once it has attained a reasonable degree of certainty
over the expected earnings ranges. The updated trading statement will be published prior to the release of TFG's
annual results, which are expected to be announced on SENS on or about 5 June 2026.
^ Pro forma management account numbers used to calculate an indicative sales growth.
PRO FORMA FINANCIAL INFORMATION
Pro forma unaudited management account information for White Stuff was used in this announcement for
illustrative purposes only to provide an indicative sales growth excluding the acquired White Stuff business.
White Stuff sales for the period since acquisition on 25 October 2024 was removed as if the acquisition did not
occur.
The pro forma management account retail turnover figures used were:
50 weeks ended 50 weeks ended Growth
14 March 2026 15 March 2025 %
GBPm GBPm
TFG London retail turnover including White Stuff 461 352 31,0%
Less: White Stuff retail turnover# (181) (73) 147,9%
TFG London retail turnover excluding White Stuff 280 279 0,4%
50 weeks ended 50 weeks ended Growth
14 March 2026 15 March 2025 %
GBPm GBPm
White Stuff retail turnover# 181 172 5,2%
# The adjustment is sourced from unaudited management accounts. The Group is satisfied with the quality and
completeness of these management accounts.
The directors of the Company take responsibility for the pro forma financial information contained in this
announcement.
The information contained in this announcement, including the pro forma information, is presented in accordance
with the JSE Limited Listings Requirements, and has not been audited, reviewed, or reported on by the Group's
external auditor.
Cape Town
20 March 2026
JSE Equity Sponsor and Corporate Broker: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20-03-2026 07:05:00
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