IT HAS been a little more than three months since Edcon’s 2016 financial year calendar came to a close, but the highly indebted retailer has yet to release its results.The company, which delisted from the JSE in 2007 when private equity group Bain Capital bought it for R25bn, is under no obligation to publicise its financials, but as SA’s largest nonfood retailer, market players are interested. In the third quarter, ended December 2015, Edcon reported a 1.7% decline in sales, and a 17% plunge in trading profit, compared with the year-earlier period. Cash sales rose 4%, while credit sales, which make up just more than 30% of all sales, fell 9.9%.In the period under review, the retailer also asked its bondholders to accept a deferral in interest payments until the end of the year.FNB Investment analyst Chantal Marx said this had been done to provide Bain Capital time to explore a number of options including the possible sale of all or some of the business. Edcon’s retail divisions inc...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.