JD Group – Prospect of loss knocks share by Lans
May 5, 2009, 12:39 pm
Filed under: In Brief

Shares of JD Group, the South African furniture retailer, fell as much as 2.9 percent on Thursday after it said it would post an annual loss because of reorganisation costs. A “once-off charge” of R344 million related to a “tax settlement” and costs associated with its reorganised debt collection system had resulted in earnings before one-time items dropping as much as 110 percent from the six-month period to February last year, it said in a statement to the JSE. The share fell as much R1 to R33, before closing at R34.25. – Bloomberg

Cashbuild – New stores add to revenue growth by Lans
May 5, 2009, 8:07 am
Filed under: In Brief

Revenue for the third quarter of Cashbuild’s financial year had surged 29 percent, the building materials retailer said yesterday. The company said 20 stores that had been opened since July 2007 had contributed 10 percent to the revenue increase, while 161 existing stores had contributed 19 percent. Transactions through tills increased by 13 percent, with new stores adding 9 percentage points and existing ones 4 percentage points. Units sold increased by 19 percent. Management remained positive on trading for the fourth quarter. With the substantial reduction in the price of steel in recent months, the prices of steel-related products had decreased accordingly. – Mzwandile Jacks

Spar – 22% profit increase on the cards by Lans
May 5, 2009, 8:02 am
Filed under: In Brief

Despite the economic downturn and credit squeeze, Spar expects its operating profit and interim headline earnings a share will be up to 22 percent higher than at the same time last year, according to a report the supermarket group released yesterday. Spar could not comment further, as it was in the closed period before announcing its interim results next week. However, it achieved even higher growth in the year to September, when it lifted operating profit by 29.9 percent. Supermarkets are negotiating with suppliers to help cut prices in an increasingly competitive market, and are cutting profit margins. Pick n Pay estimated last week that Spar’s share of the market was 26.3 percent, putting it in third place behind Pick n Pay with 33.4 percent and Shoprite Checkers with 28.4 percent. – Audrey D’Angelo