South African fashion retailer Truworths on Monday warned that half-year profit growth had slowed after financially constrained shoppers held back from discretionary spending. Truworths said retail sales in South Africa – its biggest market – were hit by poor economic conditions and high interest rates that squeezed disposable income and knocked consumer confidence. “Furthermore, port congestion challenges in South Africa resulted in lower than expected merchandise deliveries for the December period,” Truworths added. Truworths’ headline earnings per share for the 26 weeks to 31st December would be up 4 per cent at most, compared with 10.3 per cent growth in the same period a year earlie
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