Queenspark doubles operating profit as new strategy ‘progresses well’
Queenspark opened eight new stores during the period under review, bringing its total number of stores to 69
Clothing chain Queenspark managed to grow sales 13% and more than doubled its operating profit to R7m from R3.2m, the interim results of its pyramid of JSE-listed holding companies, released on Friday, showed.
Queenspark is owned by Rex Trueform, which in turn is owned by African and Overseas Enterprises. Each of these has two classes of shares issued on the JSE.
Former Hosken Consolidated Investments chairperson Marcel Golding replaced Michael Krawitz as the chairperson of both Rex Trueform and African and Overseas Enterprises, in September.
Rex Trueform’s interim revenue grew 13% to R318m and its after-tax profit grew 87% to R8m, the results statement said.
Queenspark opened eight new stores during the period under review, bringing its total number of stores to 69.
"The Queenspark strategy includes the introduction of new brands to complement the existing ranges. A number of new brands, together with new product categories, were introduced during the period under review in an endeavour to provide an improved offering to customers. This new strategy, although in its infancy, is progressing well," the company said in the results statement.
Besides the retail chain, the group owns an office park complex which grew its operating profit to R4.9m from R4m.
It intends developing two more properties in the Cape Town area.