Advertise with fastmoving.co.za
 
 

Queenspark interim profit plummets
Queenspark interim profit plummets

Queenspark interim profit plummets

RETAILER NEWS

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 

Read more about: retail | queesnpark | jse | fashion

Related News

How to create your first attractive retail display
25/05/2018 - 16:05
Setting up a stall in a retail mall is a challenging task. You’re surrounded by so many incredible brands and concepts similar to yours, so it’s important to recognise the need to go the extra mile to attract customers to your store.

Massmart braces for bleak interim earnings
25/05/2018 - 09:06
Interim profit could fall by nearly 70%, thanks to restructuring costs, the Walmart-owned retailer says.

Balenciaga overtakes Gucci as Kering's fastest growing brand
24/05/2018 - 09:03
Luxury fashion retailer Balenciaga has become Kering’s fastest growing asset thanks to increasing interest from millennials.

Kohl’s reinvents its loyalty strategy
23/05/2018 - 14:52
Kohl’s is reinventing its loyalty strategy by taking the best elements of its three rewards programs and rolling them into one.

Shoprite introduces new mobile transactional banking service
23/05/2018 - 11:25
Access to banking services just got easier and more inclusive with Shoprite Money - a new mobile transactional banking service which is available to everyone, even those without existing bank accounts.