Queenspark doubles operating profit as new strategy ‘progresses well’
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
Overcoming financial planning challenges in retail
21/09/2018 - 09:47
South African retailers face numerous macroeconomic, socio-economic, political, and operational challenges. In a world where finance departments are driving to be business partners inside the organisation, the ability to facilitate relevant operational and financial plans is as necessary as having products on the shelf.
Tesco unveils new discount chain Jack’s
20/09/2018 - 14:08
British supermarket group Tesco has thrown down the gauntlet to German discounters Aldi and Lidl by launching what it says will be the cheapest store in town – Jack’s.
SA consumers taking full advantage of retail reward programmes
20/09/2018 - 11:19
Consumers have saved billions of rand in offered loyalty programme rewards and are increasingly taking advantage of reward points as the country’s tough economic climate impacts on consumer goods such as fuel, electricity and food.
Personalised customer experience enhances in-store value
20/09/2018 - 10:47
Being able to effectively utilise the data at the disposal of South African retailers - using sophisticated technology - will be fundamental to remaining competitive with personalised in-store customer experiences.
Instagram introduces shopping tab to Explore page
19/09/2018 - 11:09
Instagram has continued to develop its commerce offering as it adds a shopping tab to its Explore page, ahead of the launch of its standalone shopping app.