South Africa's Truworths flags full-year profit decline, impairs Office

JOHANNESBURG, Aug 19 (Reuters) - South African retailer Truworths International Ltd on Wednesday flagged a decline in full-year earnings of as much as 33%, blaming the impact of the COVID-19 pandemic.

The owner of YDE clothing stores said for the year through June 28, headline earnings per share (HEPS) - South Africa’s main profit gauge, stripping out some one-off items - is likely to fall 28% to 33% from the 580 cents reported a year earlier.

The retailer also impaired the carrying value of trademarks and right-of-use assets relating to store leases of British footwear unit Office, resulting from the “impact of the difficult trading environment on the profitability and liquidity of Office”.

Total non-cash impairment charges - excluded from HEPS - amounted to 131 million pounds ($173.55 million). ($1 = 0.7548 pounds) (Reporting by Nqobile Dludla; Editing by Christopher Cushing)


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