Truworths International Limited said yesterday in a trading update that the group increased retail sales in the 18 weeks to November 2 to R841.9million, 14% more than the corresponding figure for 2002.

Truworths’ CEO, Michael Mark, said that the 14% sales growth contrasted with a 26,9% increase for the 2002 period. Sales growth included comparable store sales growth of 9%, with low product inflation.

He said Truworths increased trading space by 5% over the 18 weeks with Identity, the group’s cash business targeting the younger market, opening 10 stores. It was planned to open at least a further five Identity stores during the financial year. Other major store developments included the opening of Truworths Emporiums in Midlands Mall, Pietermaritzburg and The Promenade, Mitchells Plain.

Mark said Truworths’ strategy in an environment of lower inflation and declining interest rates was to continue to upgrade merchandise and to offer even more superior quality.

“Truworths is well placed to benefit from the improvement in consumer spending arising from stronger economic growth and lower interest rates and to extend our record of consistent improvements in sales and earnings for both the festive season trading period and the rest of the 2004 fiscal year.”

A further trading update will be released in early January 2004. Truworths’ interim results for the 26-week period to December 28 are expected to be announced on February 19, 2004.