Edcon fails to make the grade
The retail group’s sales and revenue fall in third quarter
Unlisted retail group Edcon has recorded a poor quarterly performance with a decline in sales and revenue. On Wednesday, the group reported a 9.4% drop in retail sales for the third quarter while total group revenues decreased 8% to R8.2bn owing to a decrease in retail sales of R795m compared with the prior period. Edcon attributed the drop in retail sales to a reduction in promotion activity compared with the third quarter of 2017, following the introduction of better entry-price points in fiscal 2017. The quarterly performance was also affected by the sale of the Legit business, the exit of nonprofitable international brands and the closure of unprofitable stores.
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.