The company - which owns brands such as JET, Sportscene and Totalsports - said on Tuesday that it had previously flagged that the results of its international operations had been positively impacted by the"inflated post-Covid-19 spending recovery", making the earnings for the six months to end September 2022"unsustainably high".
The company also gave an outline of expected performance for the 22 weeks to 26 August 2023, showing that its group topline growth was still increasing by double digits even with the fall in the earnings for the six months to end September 2023. TFG reported that group retail turnover was expected to increase 11.3%, while its TFG Africa division, which houses its core South African operations, would show retail turnover growth of 16.1% for the 22-week period.
The group said that by 26 August 2023, a total of 2 284 stores had backup power, representing about 75% of TFG Africa's turnover.