Foschini Gains as Christmas Trading Beats Retailer ExpectationsBy
The Foschini Group Ltd. shares rose after the South African fashion retailer said trading over the Christmas period had been better than the company expected.
Revenue gained 14 percent in the four weeks to Dec. 26, Cape Town-based TFG said in a statement on Monday. Including the impact of Phase 8 -- the U.K. chain acquired last year -- the figure was 27 percent. Clothing was the best performer, with sales increasing 17 percent over the same period.
The stock climbed as much as 4.3 percent to 116.95 rand and traded at 115 rand as of 2:59 p.m. in Johannesburg. The broader FTSE/JSE Africa General Retailers Index was down 1.2 percent.
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