The Foschini Group (TFG) Q2 2026 TU earnings summary

Executive summary

• Group sales increased by 12.7% year-over-year to R29.2 billion for H1 FY2026, with online sales up 55.3% and now comprising 14.7% of total retail sales.

• Market share in South Africa was maintained in Apparel and grew by 20 bps in Homeware compared to H1 FY2025.

• Negative operating leverage and gross margin contraction impacted profitability despite tight cost control.

• Group finance costs rose 14.5% due to the White Stuff acquisition and new lease charges.

Financial highlights

• Basic EPS and HEPS expected to decrease by 20% to 25% compared to the prior period.

• Basic EPS for H1 FY2026 expected between 276.2 and 294.6 cents (H1 FY2025: 368.3 cents).

• Basic HEPS for H1 FY2026 expected between 278.7 and 297.3 cents (H1 FY2025: 371.6 cents).

• Group sales excluding White Stuff grew 3.5% year-over-year.

Outlook and guidance

• Results for the six months ended 30 September 2025 are expected to be released on or about 7 November 2025.

• Management expects continued subdued consumer sentiment and discretionary spend in South Africa.