Truworths International (TRU) Trading update summary

Group performance and market environment

• Group retail sales remained flat at R12.5 billion for the 26-week period ended 28 December 2025, with marginal improvement in sales momentum since the last update.

• Office UK delivered strong performance, with retail sales up 6.4% in Sterling and 7.1% in Rand, supported by brand strength and store development.

• Truworths Africa's retail sales declined by 3.6%, with account sales down 2.7% and cash sales down 5.8%, but online sales grew 23.3% to 7.4% of segment sales.

• South Africa's macroeconomic environment shows early signs of improvement, including a stronger Rand and stabilizing inflation.

Credit and receivables

• Gross active trade receivables decreased by 2.1% to R6.9 billion, while active accounts increased by 0.6%.

• Active account holders able to purchase stood at 82%, with overdue balances at 13% of gross trade receivables.

• Credit expansion remains measured, focusing on prudent risk management, especially in higher-risk segments.

Segment outlook and trading space

• Truworths Africa expects trading space to increase by about 1% year-on-year by June 2026.

• Office UK plans to expand trading space by 10% to 12% on a weighted-average basis for the 2026 financial period, continuing its store development program.