The Foschini Group (TFG) Q3 2026 TU earnings summary

Executive summary

• Group sales grew 7.5% year-over-year for the nine months ended 27 December 2025; excluding the White Stuff acquisition, growth was 2.0%.

• Online sales surged 36.6% year-to-date, now making up 14.3% of total retail sales.

• Market share in South Africa increased by 60 bps in homeware and furniture, and was maintained in apparel.

Financial highlights

• Group gross profit rose 6.3% year-over-year, but gross margin declined by 80 bps due to clearance activity.

• Group sales for the five weeks ended 31 January 2026 grew 3.0% (constant currency 4.7%).

• TFG Africa sales for the same period grew 5.8%, with gross margin normalizing.

Outlook and guidance

• Short-term guidance remains cautious due to low wage growth and subdued discretionary spending.

• Medium-term outlook is more positive, with expectations of lower inflation, lower interest rates, and gradual recovery in trading performance.

• EPS for the year ending 31 March 2026 is expected to be at least 20% lower than the prior year, primarily due to non-cash impairments.