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| Fashion fanatics are unfazed by rates |
| Friday, November 10, 2006 |
While the rest of South Africa spends less as interest rates rise, fashion fanatics seem unaffected — with Truworths sales surging in the past 19 weeks. CEO Michael Mark explains why...
Bruce Whitfield:
Another set of numbers today showing just how much money South African consumers are spending. Truworths today reporting that sales for the 19 weeks to the fifth of November were up 27 percent compared to the same period last year and the chief executive Michael Mark is on the line to us from Cape Town.
It really is an extraordinary growth story, Michael, are you noticing since the implementation of interest rate increases though that that hunger for products is beginning to taper off or has there been no impact at all?
Michael Mark:
No, I must say Bruce, so far we are finding the same thing we always have found in the fashion industry, that if you give the customer the right product and provided the economy is reasonably healthy as it is at the moment, the customers do react to good product at the right price by buying it from you. So at the moment we haven't found a tapering off as you can see from our numbers.
Bruce Whitfield:
It is an extraordinary growth story and you report today though that you are seeing slightly higher levels of delinquency on your loan books. What is slight?
Michael Mark:
This is really an interim announcement at the time of our AGM but it is expected because we have been on a strategy of acquiring new accounts. We have a lot of promotions on the go at the moment and although we manage the risk very carefully and we believe we are very responsible by giving credit to people who can afford it, nevertheless because of our aggressive promotional activity we are finding that we are attracting a lot of accounts and so the bad debt is slightly higher than normal but well within established norms in South Africa and well within our own expectations.
Bruce Whitfield:
What about the upcoming Christmas season, you must be licking your lips in anticipation?
Michael Mark:
We have plans and we continuously look at our sales forecast every week and where we are going and we hopefully are going to have a reasonably good Christmas.
Bruce Whitfield:
And your budget, have you had to re-look them at all in the light of the interest-rate increases or are they pretty much where you would have expected them to be six months ago?
Michael Mark:
No, we are trading a bit better than we expected and we look at our forecasts every week. We do that on an ongoing basis, in product, in retailing you have to do that all the time and it is going steadily but better than budget on a consistent basis.
Bruce Whitfield:
Michael Mark on that update; thanks very much indeed, we look forward to talking to you on results day. The chief executive officer of Truworths, things ahead of budget, South African consumers spending but the argument there is if you give them the right product at the right price they will continue to spend but they have been aggressively chasing market sure as well. |
posted by mrfrans @ 3:02 AM   |
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