Queenspark interim profit plummets
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
The Millennial shopping fallacy that impacts CX
23/10/2017 - 14:38
If you were to guess whether Millennials prefer to buy online (on their phones) or in brick-and-mortar stores, what would you guess? No Googling, either.
Pick n Pay online visitors grow
23/10/2017 - 11:22
Visitors to the Pick n Pay Online Web site increased by 32% year on year, according to the retailer's interim results for the 26 weeks ended 27 August 2017.
British fashion returns to growth for the first time since Brexit vote
23/10/2017 - 10:13
The British fashion market has returned to growth after consecutive months of decline dating back to June 2016, at around the time of the Brexit vote.
H&M denies incinerating tonnes of unsold usable clothing
20/10/2017 - 14:13
H&M has been accused of burning tonnes of unsold items every year, flying in the face of its widely-publicised sustainability drive.
Lewis acquires cash furniture retailer for R320m
20/10/2017 - 09:09
Lewis Stores advised shareholders on Thursday that it has acquired the entire issued ordinary share capital and all shareholders’ claims against United Furniture Outlets Proprietary Limited (UFO) for a cash amount of R320m plus any applicable interest.