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 2018, 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

Checkers brings world-class retail to Constantia with new flagship store
27/11/2019 - 13:01
Checkers has opened the doors to its state-of-the-art 2 330 m² flagship supermarket at the Constantia Emporium as the retailer continues to take innovation to new heights.

Woolworths carves out market share in SA
27/11/2019 - 10:11
In Australia, David Jones's sales declined 2.1%, with the company saying a store refurbishment contributed to the decline.

Push and pull strategies work together to keep consumers coming back for more
26/11/2019 - 10:20
The retail sector is under increasing pressure as consumers have shrinking disposable income in a strained economy. Maintaining share of wallet is critical. Relying solely on a push route to market strategy from manufacturers into retailers is not enough to get consumers buying products. A pull strategy needs to coexist with the push to drive brand consumption. Integrating these strategies requires intelligent and insightful decision-making. This, in turn, requires data generated through smart technology which provides line of sight across the value chain from manufacturer to distribution, retailer to the consumer.

Exclusive leases must fall: Commission cracks whip on Shoprite, Pick n pay, Spar, Woolies
26/11/2019 - 09:57
The Competition Commission Inquiry into Grocery Retail, published on Monday, called for an end to the exclusive leases negotiated by national retail chains in all shopping malls across the country in a bid to open up access to markets for smaller players.

Today’s customers are loyal to speed and convenience, not brands
25/11/2019 - 11:15
Consumer expectations are rapidly shifting as technologies such as mobile, geolocation, social media and increasingly, Internet of Things devices and wearables, connect people to a world of easily accessible information and convenient services. With the ability to browse, compare and order with a few swipes and taps, consumers are becoming trained to value convenience and service above nearly anything else.