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THE FOSCHINI GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1937/009504/06)
LEI: 3789PTO7LG718IG59F97
JSE / A2X share code: TFG
Ordinary share code: TFG
ISIN: ZAE000148466
Preference share code: TFGP
ISIN: ZAE000148516
("TFG" or "the Company" and together with its affiliates "the Group")
TRADING UPDATE AND UPDATED TRADING STATEMENT FOR THE YEAR ENDED 31 MARCH 2026
This trading update relates to the period from 28 December 2025 to 28 March 2026 ("Q4 FY2026") against the
comparative period from 29 December 2024 to 29 March 2025 ("Q4 FY2025") and for the year ended 31 March
2026 ("FY2026").
TFG AFRICA
Trading conditions in South Africa remain challenging, with consumer spending still constrained. Heightened
geopolitical tensions in the Middle East have continued to contribute to an uncertain global environment.
In Q4 FY2026, sales grew 7,5% and by 5,5% on a like-for-like basis. For the full year FY2026, sales grew 5,0% and
by 3,5% on a like-for-like basis.
TFG LONDON
In London, Q4 FY2026 sales grew 1,9% and by 29,4% for FY2026 (in GBP). Sales for the year, excluding White Stuff
remained flat^ (in GBP), as the UK continued to experience difficult trading conditions. White Stuff continues to
perform well, with pro forma sales growth of 4,3%^ for FY2026 (in GBP).
TFG AUSTRALIA
In Australia, consumers remain value orientated amidst ongoing tough trading conditions with sales contracting by
1,3% for Q4 FY2026 and declining 1,5% for FY2026 (in AUD). Sales declined by 3,4% (in AUD) on a like-for-like
basis for FY2026.
GROUP FINANCIAL PERFORMANCE
Groups sales grew 7,1% for FY2026 (in constant currency 7,7%). Excluding White Stuff, Group sales grew 2,8%^.
Sales growth in each business segment was as follows:
Business segment Q4 FY2026 Q4 FY2026 FY2026 FY2026
vs. contribution to vs. contribution to
Q4 FY2025 Group turnover FY2025 Group turnover
TFG Africa (ZAR) 7,5% 68,1% 5,0% 68,3%
TFG London (GBP) 1,9% 18,6% 29,4% 18,2%
TFG Australia (AUD) (1,3%) 13,3% (1,5%) 13,5%
Group (ZAR) 3,7% 7,1%
TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026
In accordance with paragraph 6.26 of the JSE Listings Requirements, a listed company is required to publish a trading
statement as soon as it becomes reasonably certain that the financial results for the next reporting period will differ
by 20% or more from the results of the corresponding prior period.
The Group previously reported in its trading statement released on 20 March 2026 that a reasonable degree of
certainty existed that both earnings per share ("EPS") and headline earnings per share ("HEPS") would decline by
20% or more from the results of the corresponding prior period.
As previously reported, EPS has been impacted by a c.R750 million net of tax non-cash impairment of the brand
values of Phase Eight in TFG London, and Tarocash and yd. in TFG Australia.
Also, as previously disclosed, sales momentum and gross margin in the Africa segment normalised in Q4, however,
this was insufficient to recover the margin lost during the year up to and including peak season in Q3 of FY2026. As
a result, TFG Africa EBIT for FY2026 declined at a mid-teens rate year on year.
The weaker trade in the London and Australia segments in the final quarter, and higher interest and IFRS 16 costs
further impacted the decline in HEPS beyond the Group's underlying operating profit result.
Accordingly, shareholders are advised of the following expected ranges for the year ended 31 March 2026:
Reported 31 Expected range Change %
March 2025 31 March 2026
(cents) (cents)
Earnings per share 980,6 343,2 to 441,3 -65% to -55%
Headline earnings per share 1 015,6 609,4 to 710,9 -40% to -30%
^ Pro forma management account numbers used to calculate an indicative sales growth.
TFG's financial results for the year ended 31 March 2026 are expected to be announced on SENS on or about Friday,
5 June 2026.
OUTLOOK
As indicated in the previous SENS announcement released on 20 March 2026, geopolitical uncertainty is still
expected to contribute to elevated input costs and cautious consumer behaviour, with management actions
continuing to focus on cost discipline and operational efficiencies.
The Group maintains a sound balance sheet position, supported by committed banking facilities and prudent
working capital management.
PRO FORMA FINANCIAL INFORMATION
Pro forma unaudited management account information for White Stuff was used in this announcement for
illustrative purposes only to provide an indicative sales growth excluding the acquired White Stuff business.
White Stuff sales for the period since acquisition on 25 October 2024 was removed as if the acquisition did not
occur.
The pro forma management account retail turnover figures used were:
FY2026 FY2025 Growth %
GBPm GBPm
TFG London retail turnover including White Stuff 488 377 29,4%
Less: White Stuff retail turnover# (192) (81) 137,0%
TFG London retail turnover excluding White Stuff 296 296 0,0%
FY2026 FY2025 Growth %
GBPm GBPm
White Stuff full year retail turnover# 192 184 4,3%
FY2026 FY2025 Growth %
ZARm ZARm
Group retail turnover including White Stuff 62,423 58,271 7,1%
Less: White Stuff retail turnover# (4,469) (1,887) 136,8%
Group retail turnover excluding White Stuff 57,954 56,384 2,8%
# The adjustment is sourced from unaudited management accounts. The Group is satisfied with the quality and
completeness of these management accounts.
CONSTANT CURRENCY INFORMATION
Constant currency information has been presented to illustrate the impact of changes in the Group's major foreign
currencies, the Australian Dollar and British Pound. In determining the constant currency growth rate, turnover and
concession sales denominated in Australian Dollars and British Pounds for FY2026 have been adjusted by
application of the aggregated monthly average Australian Dollar and British Pound exchange rates for FY2025.
The aggregated monthly average Australian Dollar exchange rate is R11,46 for FY2026 and R11,91 for FY2025. The
aggregated monthly average British Pound exchange rate is R23,26 for FY2026 and R23,28 for FY2025. Fluctuations
of the Group's rest of Africa operations are not considered material and have therefore not been applied in
determining the constant currency growth rate.
The information contained in this announcement, including the pro forma information, is presented in accordance
with the JSE Listings Requirements, and has not been audited, reviewed or reported on by the Group's external
auditor. The pro forma information is the responsibility of the Group's directors and has been prepared for illustrative
purposes only and, because of its nature, may not fairly present the Group's financial position, changes in equity,
results of operations or cash flows.
Cape Town
8 May 2026
JSE Equity Sponsor and Corporate Broker:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 08-05-2026 05:00:00
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