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Sale of merchandise up
to R11.3 billion
Gross margin at
(2014: 55.9%)
Annual dividend per
share up

to 405 cents
Operating margin at
(2014: 32.1%)
Net bad debt to trade
receivables improved to

(2014: 12.9%)
Diluted headline
earnings per share up

to 592.1 cents

Credit cycle key to value creation ...

This report covers the integrated financial and non-financial performance of Truworths International and its subsidiaries (the Group) for the 52-week period ended 28 June 2015.

Our Integrated Report for the 2015 reporting period aims to demonstrate, in a balanced manner, how the material issues in relation to our business model, strategy, risks, governance, financial and non-financial performance can lead to the creation of value in the short, medium and longer term.


Commitment to Integrated Reporting >> Read full report

Creating Value For our stakeholders

"Truworths International Ltd is an investment holding and management company listed on the JSE and the Namibian Stock Exchange. Its principal trading entities, Truworths Ltd and Young Designers Emporium (Pty) Ltd (YDE), are engaged either directly or through subsidiaries, agencies, or franchises, in the retailing of fashion clothing and footwear apparel and related merchandise. Truworths International and its subsidiaries (the Group) operate primarily in South Africa, and have an emerging presence in other sub-Saharan African countries.”

Review and Prospects

Micheal Mark


During the reporting period South Africa's economy faced increasing headwinds as power outages, social unrest, currency depreciation, rising interest rates and unemployment all contributed to consumer confidence falling to its lowest level in more than a decade.

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Micheal Mark


Against the background of another year of low economic growth in South Africa and subdued consumer spending, the Group posted a resilient performance as the early signs emerged of a turn-around in the credit environment.

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Micheal Mark

Chief Executive Officer's Report

Truworths targets the mass mainstream middle income consumer market, and uses credit as an enabler of sales of quality fashion, at medium to premium prices, to its customers. We communicate regularly with almost 13 million people in this market, and 3.2 million are account customers, of which 2.7 million are active.

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Finance and Credit Review

Micheal Mark

Chief Financial Officer's Report

2015 was a reporting period of two distinct halves with the Group delivering a stronger performance in the second half as the credit environment in South Africa showed early signs of recovery.

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Fashion and Brands

Fashion and Brands


Being the Employer of choice

Being the Employer of Choice





Annual Financial statements