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Truworths International (TRU) investor relations material
Truworths International H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Merchandise sales rose 0.4% to R12.1 billion for the 26 weeks ended 28 December 2025, with headline earnings up 0.4% to R1.83bn and diluted HEPS up 1.7% year-over-year.
Strong cash generation and disciplined capital management, with net cash of R260m after significant share buy-backs and a major UK distribution centre acquisition.
Maintained a resilient business model with geographical diversification across South Africa and the UK, focusing on long-term value creation and consistent dividend cover.
Office UK delivered robust growth, while Truworths Africa faced constrained sales amid consumer pressure but saw margin improvement.
Strategic emphasis on organic growth, innovation in merchandise, credit products, and e-commerce expansion, with ongoing investment in store remodeling, supply chain, and technology.
Financial highlights
Sale of merchandise increased 0.4% to R12.1bn; gross profit up 0.5% to R6.28bn; gross margin steady at 51.8%.
Group trading profit increased 2.8% to R2.1 billion, with trading margin up to 17.2%.
Cash generated from operations was R2.8 billion, with a 2% year-over-year increase in true cash generation.
Share buybacks totaled R746 million in the period, R3.2 billion since 2020 (about 14% of shares).
Interim dividend per share up 1.3% to 321c; 10-year average dividend yield at 6.7%, with R17 billion paid in dividends over the decade.
Outlook and guidance
Group retail sales for the first seven weeks of H2 2026 down 0.2% (up 1.5% in constant currency); Truworths Africa up 0.6%, Office UK up 3.4%.
Trading space projected to grow 2% in FY26, with 1% growth in Africa and 10-12% in the UK.
Focus remains on accelerating growth with discipline, especially in top-line and credit products, and ongoing innovation.
IFRS 16 gains in Office not expected to recur in the next period.
Cautiously optimistic stance, with optimism increasing for the coming year.
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