Truworths turns to cash sales

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TRUWORTHS says it is refocusing its business towards cash sales amid signs that the inflationary environment in Zimbabwe will remain for the foreseeable future.
The country’s annual inflation rate hit a 10-year high of 647 percent in March — a situation which has been driven by its monetary imbalances headlined by foreign currency shortages.

“The pressure on… foreign exchange will persist in the short to medium term. We will continue to focus on moving the business more towards cash sales and productive cost management,” the company said last week in its results for the half-year ended January 5, 2020.