Advertise with fastmoving.co.za
 
 

Queenspark opened eight new stores during the period under review, bringing its total number of stores to 69.
Queenspark opened eight new stores during the period under review, bringing its total number of stores to 69.

Queenspark doubles operating profit as new strategy ‘progresses well’

RETAILER NEWS

By Robert Laing - Mar 12th, 09:06

Clothing chain Queenspark managed to grow sales 13% and more than doubled its operating profit to R7m from R3.2m, the interim results of its pyramid of JSE-listed holding companies showed. 

Queenspark is owned by Rex Trueform, which in turn is owned by African and Overseas Enterprises. Each of these has two classes of shares issued on the JSE.

Former Hosken Consolidated Investments chairperson Marcel Golding replaced Michael Krawitz as the chairperson of both Rex Trueform and African and Overseas Enterprises, in September.

Rex Trueform’s interim revenue grew 13% to R318m and its after-tax profit grew 87% to R8m, the results statement said.

Queenspark opened eight new stores during the period under review, bringing its total number of stores to 69.

"The Queenspark strategy includes the introduction of new brands to complement the existing ranges. A number of new brands, together with new product categories, were introduced during the period under review in an endeavor to provide an improved offering to customers. This new strategy, although in its infancy, is progressing well," the company said in the results statement.

Besides the retail chain, the group owns an office park complex which grew its operating profit to R4.9m from R4m.

It intends developing two more properties in the Cape Town area.

© BusinessLIVE MMXVIII 

Related News

Ikea to use only renewable and recycled materials by 2030
25/06/2018 - 11:08
Ikea, the world’s biggest furniture retailer, plans to use only renewable and recycled materials in its products by 2030, in the latest commitment by a global store group to reducing its impact on the environment.

Macy’s takes stake in tech retailer
25/06/2018 - 08:28
Macy’s has taken a minority stake in a company that helps emerging brands build out brick-and-mortar stores with minimal effort.

Google buys £414m stake in JD.com
22/06/2018 - 11:19
China’s largest retailer JD.com has launched a $550 million (£414 million) partnership with Google which will see the former sell products through Google Shipping across the world.

MySchool MyVillage MyPlanet wins big at the Loyalty Magazine Awards in London
21/06/2018 - 15:14
MySchool MyVillage MyPlanet scooped three major awards at the Loyalty Magazine Awards held in London recently. The fundraising programme was awarded Best CSR Initiative Linked to Loyalty, Best Long-Term Loyalty Programme and also received the prestigious Regional Loyalty Champions of the Year for Middle East & Africa award.

Online shopping grows in SA
21/06/2018 - 10:21
Although traditional retail stores dominate the South African market, consumers are choosing the online option for cheaper technical goods purchases.