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

Popping up is good for business
23/05/2017 - 15:39
There’s no better way to do market research than by putting yourself and your product out there on the street. If you sell like crazy, you can safely assume that people want what you have to offer. That’s how simple it should be, especially in these times of ‘lean business models’ as the necessary approach to starting up a business.

Verimark more than doubles its full-year profit
23/05/2017 - 11:43
South Africa’s market leading direct retail group, Verimark, today announced that despite the tough trading environment in the country, it delivered substantially improved results for the year ended 28 February 2017. A significantly higher dividend has been declared amounting to 11.3 cents per share, compared to 3.7 cents last year. The dividend yield at the year-end share price equates to 18,5%.

How machine learning is changing retail
22/05/2017 - 14:06
According to dunnhumby, the global leaders in customer science, machine learning will bring about changes of a similar scale or greater to that seen in the industrial revolution of the nineteenth century. But what effect will this have on our shopping experience?

Rupert's Richemont bets on duty-free
22/05/2017 - 13:10
Johann Rupert, the billionaire who controls Cartier owner Richemont, envisions a future in which humans are displaced by robots in the workplace and have all the time in the world to travel.

Spar in “a fantastic financial position” with new stores and members
19/05/2017 - 16:35
Convenience store chain Spar has reported an 8.5 per cent jump in sales to £2.84 billion over 2016.