Foschini Group Raises CEO Pay 78% as Performance Bonus PaidJanice Kew
The Foschini Group Ltd., a clothing and homeware retailer with more than 2,000 stores in sub-Saharan Africa, raised Chief Executive Officer Doug Murray’s pay 78 percent as it paid out a performance bonus.
Murray, 57, earned 10.95 million rand ($1 million) in the year ending March, including guaranteed pay of 6.34 million rand and a bonus of 4.62 million rand, according to the Cape Town-based company’s annual report. That compares with guaranteed pay of 6.16 million rand in 2013, when no performance-related bonus was paid. Murray was also awarded deferred stock valued at 11.88 million rand, after 11.04 million rand the previous year.
TFG reported a 6 percent increase in earnings per share excluding one-time items to 9.03 rand in fiscal 2014, beating analyst estimates. The company increased cash sales, helping offset weaker consumer confidence and spending.
The retailer may open its first stores in Kenya in the next 12 to 18 months, Murray told reporters in Johannesburg today. TFG will probably enter East Africa’s biggest economy with menswear chain Markhams and may then introduce a grouping of stores including ladieswear chain Foschini, homeware chain @Home, Sportscene and jewelery brands American Swiss or Sterns. Sales growth in TFG’s 120 Africa stores outside its home market was 26 percent through March.