July 20, 2018 / 12:53 PM / 4 months ago

South African retailer Truworths flags dip in annual profit

JOHANNESBURG, July 20 (Reuters) - South Africa’s Truworths International expects full-year profit to fall by as much 3 percent, the fashion retailer said on Friday, as retail sales declined.

Diluted headline earnings per share (HEPS) for the 52-week period ended 1 July 2018 are expected to decrease by as much as 3 percent to between 601 cents and 615 cents per share compared with 621 cents from the comparable 52-week period the year before.

HEPS is the main profit measure used in South African that strips out certain once-off items.

Group retail sales decreased by 2.7 percent from 18.5 billion rand ($1 billion) to 18.0 billion rand.

Truworths results are expected to be released on 16 August. ($1 = 13.4300 rand) (Reporting by Tanisha Heiberg Editing by James Macharia)

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