Jewellery sales beat food sales at Starbucks agent Taste Holdings
Jewellery sales beat food sales for Taste Holdings during the year to end-February, and profits from its Arthur Kaplan and NWJ jewellery stores managed to mitigate losses contributed by Starbucks and Domino’s Pizza. Taste’s luxury goods division widened its contribution to the group’s revenue to 57% from 54% in the prior year, the retailer’s results, released on Monday morning, showed. The luxury goods division grew revenue by 9% to R622m while its food division grew revenue by 1.3% to R551m. The luxury goods division’s operating profit, however, declined 2% to R52.5m while the food division’s operating loss widened by 29% to R144m. Taste’s overall revenue grew 3% to R1.1bn while its after-tax loss widened by 37% to R101m. "The group now owns 117 corporate stores, 65 of which are in the luxury goods division. A slight sales mix change to more watch sales saw gross profit increase 4% to R426m from R409m," Taste CEO Carlo Gonzaga said in the results statement. According to Taste, it i...
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