DINEO FAKU dineo.faku@inl.co.za THE Foschini Group (TFG), the JSE-listed fashion, beauty and home retailer, posted 15.8 percent growth in turnover in its first quarter of 2022 as it flagged that the impact of last month’s civil unrest in KwaZulu-Natal and parts of Gauteng would continue to dampen consumer spending.
TFG, whose brands include Jet, Foschini and Markhams, said while the majority of its outlets traded strongly during the past quarter, consumer spend, particularly for TFG Africa, remained muted as uncertainties around further Covid-19 outbreaks, extended lockdowns and the slow pace of the vaccine rollout adversely impacted consumer confidence.
It said 198 of its outlets were confirmed as having been looted and damaged to varying degrees during the civil unrest in KZN and Gauteng.
As of yesterday, the stores affected…