Market Wrap - Stock Pick - The Foschini Group

Rowan Williams from Nitrogen Fund Managers chose The Foschini Group as his stock pick of the day. Much better numbers compared to the peer group. A much more diversified group with significant operations in the UK and more recently in Australia and given the tough environment in the UK their number remained pretty good. The Australian numbers also remained good with double digit sales growth and also Foschini's Africa we saw a 9% sales growth which is significantly better than their peers especially in their online sales and their black Friday sales. The impact of this remains to be seen in the margins but overall much better numbers coming out of Foschini