Fashion retailer Foschini reported on Friday that group sales for the three months October to December 2009 increased by 4.9%, while sales for comparable stores decreased by 1.5%.

When it presented its interim results, the group had indicated that it expected the retail environment to continue to be difficult for the remainder of the year.

It said in line with management expectations, stock was tightly controlled and expected gross margins should be maintained.

"Our retail debtors' book continues to be well managed, reflecting positive collections with net bad debt as a percentage of closing debtors' book at the same levels as reported in our interim results," it added.

Nedbank makes two new executive appointments.