Full Year 2023 Foschini Group Ltd Earnings Call Transcript
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Good morning, everyone. Welcome to our TFG 2023 Annual Results Presentation. Our presentation will follow a familiar format. An overview of the year presented by myself, a review of our financial performance presented by our CFO, Bongiwe, segmental performance, reviews for our credit, TFG London and TFG Australia businesses, and update on our strategic focus, priorities and outlook for the year ahead. We'll then have a short comfort break followed by a Q&A session.
Let's get straight into the overview for the year. The last year has been an incredibly challenging year for the retail sector, both globally and domestically. All of our businesses were negatively impacted by the war in Ukraine. We saw a steep rise in interest rates, energy and food prices, which led to a cost of living crisis that eroded consumer confidence and spending power.
In South Africa, still the largest part of our group, our business was significantly impacted by the dramatic increase in
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