Truworths Research Report

Truworths (TRU) – Notes from the AGM

We attended the annual general meeting of Truworths (TRU) this morning and summarise key points from the meeting. TRU’s trading update was very disappointing, with -1% y-y growth in its SA division (the first time it had negative topline growth since at least 1988) and 1.4% growth in Office UK. Management seems confident though that the issues relating to the poor topline growth will be contained to FY17, and they expect an improvement from FY18.