Taste Holdings’ first-half loss almost doubles as jewellery division swings into the red
Sales growth of 6% from Taste Holdings’ fast food outlets failed to offset a 15% drop in sales from its jewellery stores, dragging the group’s interim revenue down 9% to R483m. Taste said in its results for the six months to end-August, released on Thursday morning, that after “inter-segment eliminations” were accounted for, its food division’s revenue declined by 1%. “Any operational gains made during the six months have been overshadowed by the brutal and sustained decline in consumer spending across almost all categories that the group trades in,” CEO Carlo Gonzaga said in the results statement. Before inter-segment eliminations, food revenue grew 6% to R282m while jewellery sales fell 15% to R253m. The jewellery division swung from a pretax profit of R14m in the matching period to a loss of R9m. The food division’s loss widened to R71m from R64m. The group’s overall aftertax loss nearly doubled to R66m from R34m. “We expected sales in the luxury goods division to decline. Luxury...
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