South Africa definitely has issues right now. Unemployment runs close 24%, official inflation is over 5%, and economic issues have led to strikes, unrest, and violence in many parts of the country, not to mention weaker consumer and business confidence. Against that backdrop, it's not so surprising that The Foschini Group (OTCPK:FHNIY), one of the larger retailers in South Africa, is having a tougher time of it, with the ADRs down 40% over the past year and the South African shares down about half as much (down 21%).
There are definitely things that Foschini needs to work on, including comparatively unimpressive inventory turns and a high reliance on credit sales, but there are also some worthwhile positives in...
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