Advertise with fastmoving.co.za
 
 

Queenspark interim profit plummets
Queenspark interim profit plummets

Queenspark interim profit plummets

RETAILER NEWS

By Robert Laing - Mar 13th, 09:32

Clothing retailer Queenspark reported interim profit of R3m for the six months to end-December — a fifth of the matching period’s R15m — but hopes online sales via Zando and Spree websites will improve its fortunes. 

Queenspark is among the JSE’s few remaining pyramid structures, owned by former textile group Rex Trueform Clothing Company, which in turn is owned by African & Overseas Enterprises.

Rex Trueform declared a 27c interim dividend, less than half the matching period’s 61c. This translated into 17c for African & Overseas Enterprises shareholders, which was down from 35c, the pair said in Sens releases on Friday, which contained nearly identical financial statements and commentary.

Besides Queenspark, the group also earns rental income from an office park. Its retail sales declined 5% to R273m while property revenue grew 6% to R9.9m.

"Queenspark will continue to focus on store growth. Further product categories are to be added to existing ranges in an endeavor to improve performance. As a result of Queenspark products being offered on both the Zando and Spree websites, Queenspark is now able to service a larger client base," the companies said in the results statements.© BusinessLIVE MMXVII 

Read more about: retail | queesnpark | jse | fashion

Related News

3 Ways retailers blend eCommerce with retail
21/04/2017 - 14:46
Consumers and marketers agree – the world of shopping is increasingly becoming digital. Needless to say, the development of mobile technology has allowed people to access information on-the-go, which means more buying power for the consumer – anytime they want.

Refurbishing disrupts Pick n Pay’s revenue growth
19/04/2017 - 10:00
Retailer says profit grew faster than sales despite restricting its selling price inflation to 6.1% for the year, well below published food inflation of 11%.

Weetabix sale puts it back in cereal pack
19/04/2017 - 09:53
London/Shanghai/New York — US company Post Holdings is buying Weetabix from China’s Bright Food Group for £1.4bn, putting the British breakfast favourite back into the hands of a cereal company.

The mobile app: Is it a critical part of your omnichannel strategy?
18/04/2017 - 16:40
Chances are that most people turn to a mobile app on their smartphone every morning while starting their day, even before enjoying that first cup of coffee. Whether they are checking the weather, logging in their fitness routine, or adding the cost of their Starbucks latte to their weekly budget, it is clear that ‘mobile moments’ spent on apps have become an integral part of our daily routine.

The most impactful technologies coming to retail
18/04/2017 - 11:39
You could say that many if not most of the important retail technology innovations introduced over the last couple of decades have been around “stuff.” The supply chain has been focused on building new capabilities that can quickly and efficiently move goods to stores, run lean inventories and cut operating costs. This has helped retailers become more cost-effective in serving their customers.