Truworths Bank on Yet to be Dispatched Civil Service Bonuses

The current foreign currency shortages in the country has impacted on the operations of Zimbabwe Stock Exchange-listed company, Truworths which reported that the problem has resulted in shortage of products in their stores.

The company is still banking on the yet to be paid civil service bonuses to boost their sales in the period March to June 2018.

According to the group chairman, Christopher Peech, the shortage of foreign currency is resulting in product shortages thereby limiting sales growth.

“The shortage of foreign currency is resulting in product shortages thereby limiting sales growth. The inflationary pressures are having a negative effect on consumer spending.

“However, trading conditions should remain buoyant with bonuses to be paid by the Government in the period March to June. There is a positive sentiment in the country and hope for an improved economic environment,” he said.

Meanwhile, the group recorded a revenue of US$8.605.221 for the half year ended 7 January 2018 as compared to US$7.787.294 that was recorded during the same period in 2017.

They also recorded a Gross profit of US$ 3 605 933, Operating profit of  $ 1 317 759 and the total comprehensive income for the period was at  $ 548 095 as compared to US$986.888 that was recorded during the same period in 2017.

The board deemed it prudent not to declare a dividend due to the difficulties in the trading environment.

 

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