JOHANNESBURG (Reuters) -South African retailer TFG on Friday posted a 0.2% increase in full-year headline earnings per share and declared a higher dividend, sending its shares up more than 6%.
TFG, owner of the Foschini and Markham clothing stores, reported headline earnings per share – a profit measure – of 970.7 cents for the year that ended on March 31, up from 968.9 cents a year earlier.
The company, which also operates in the United Kingdom with Hobbs and Whistles stores and Australia with menswear clothing brands Connor and Johnny Bigg, said retail turnover grew more than 10% in its Africa arm, largely driven by clothing.
It said port delays affected imports in its Africa business, but its local manufacturing mitigated the impact.
South African fashion retailers are ramping up local production and using alternative sea ports and air freight to mitigate the impact of congestion at traditional ports that have caused massive delays in stock deliveries.
TFG reported a final dividend of 200 cents per share, up from 150 cents in the previous year.
At 0732 GMT, TFG’s shares on the Johannesburg Stock Exchange were up about 6.7%.
(Reporting by Tannur AndersEditing by Alexander Winning)
