{"id":10841,"date":"2012-05-29T22:16:21","date_gmt":"2012-05-29T20:16:21","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/update-1-foschini-earnings-rise-eyes-africa-expansion\/"},"modified":"2012-05-29T22:16:21","modified_gmt":"2012-05-29T20:16:21","slug":"update-1-foschini-earnings-rise-eyes-africa-expansion","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-foschini-earnings-rise-eyes-africa-expansion\/","title":{"rendered":"UPDATE 1-Foschini earnings rise, eyes Africa expansion"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Adds details)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, MAY 29 &#8211; South Africa&#8217;s second-largest listed<br \/>\nclothing retailer, Foschini Group, on Tuesday reported<br \/>\na 24 percent rise in full-year profit and said it plans to open<br \/>\n140 new stores over the next year.<\/p>\n<p><span><\/span><\/p>\n<p>All but 16 of the new stores it will open in the next year<br \/>\nwith be in South Africa.<\/p>\n<p><span><\/span><\/p>\n<p>The company also said it will be expanding into Mozambique<br \/>\nand Nigeria over the next 2 years &#8211; two fast-growing economies<br \/>\nfueled by commodity booms. The group operates in Namibia,<br \/>\nBotswana, Zambia, Lesotho and Swaziland.<\/p>\n<p><span><\/span><\/p>\n<p>The company has reaped rewards from decades-low interest<br \/>\nrates and above-inflation wage hikes that have spurred consumer<br \/>\nspending.<\/p>\n<p><span><\/span><\/p>\n<p>Foschini, which also sells home products and furniture, said<br \/>\ndiluted headline earnings per share rose almost 24 percent to<br \/>\n766.1 cents, just above an estimate of 764 cents in a poll of 14<br \/>\nanalysts by Thomson Reuters.<\/p>\n<p><span><\/span><\/p>\n<p>The company said retail turnover increased 17 percent to<br \/>\n11.63 billion rand.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa retail sales grew 6.8 percent year-on-year in<br \/>\nMarch, the latest official data showed, beating a 6.6 percent<br \/>\ngrowth economists polled by Reuters had expected.<\/p>\n<p> (Reporting by Ed Stoddard; Editing by Jon Herskovitz)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Adds details) JOHANNESBURG, MAY 29 &#8211; South Africa&#8217;s second-largest listed clothing retailer, Foschini Group, on Tuesday reported a 24 percent rise in full-year profit and said it plans to open 140 new stores over the next year. All but 16 of the new stores it will open in the next year with be in South [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-10841","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=10841"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/10841\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=10841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=10841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=10841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}