The Foschini Group says load shedding weighed heavily on its operations for the twelve months ended 31 March 2023.
By the end of the reporting period, 1,875 stores had backup power, representing approximately 75% of the group’s retail turnover, with plans in place for the rest of the group’s stores to get backup power. In light of the difficult operating environment, TFG said that it would adopt a conservative approach to its treatment of FY2024 as a year of consolidation with a focus on improving operating leverage.
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