Queenspark interim profit plummets
By Robert Laing - Mar 13th 2017, 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
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