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Total sales for the first 5 months of the financial year had exceeded its own budget, with continued good trading across all the divisions following the past year's exceptional 46% growth in headline earnings and the strong 80% compounded growth of the previous two years 8% y/y, according to group chairman Eliot Osrin 7% y/y for the five months spanning April to end-August, with comparable store sales rising by 15 Speaking at the company's annual general meeting on Wednesday, Osrin said that the retail environment continued to experience solid growth on the back of lower interest rates and inflation, and consumer spending was expected to remain strong Osrin concluded by noting that this division continued to grow "very satisfactorily" after posting pre-tax income growth of 56% in the past year Because the brand was still in its infancy, it would be aggressively expanded from its current 24 store base to about 60 stores in the near future The roll out of these new concept stores would begin in October In the past year, nine new stores were opened and a further 10 stores were planned for the current financial year Fashion Express, which was created as an alternative strategy by converting ailing Foschini stores, had been well received and was generating strong sales 7% -------------------------------------------------------------------------------- By Lynn Bolin Listed fashion retailer Foschini (FOS) has recorded total sales growth of 19 Markhams, the largest men's wear fashion retail chain in South Africa currently trading from 173 stores, was set to undergo an exciting repositioning which would include a new store design concept Foschini's retail brands include the Fochini women's wear chain, Markhams for men's wear, the @home home ware chain and Fashion Express 4% Foschini sales fashionably up at 19 The group's main trading Foschini division, which had been very successfully repositioned over the past few years, experienced second half turnover growth in the last financial year of 17 The outlook for the group continued to remain rosy, the Chairman added, given lower interest rates and inflation and ongoing consumer confidence, as well as Foschini group management's strategic action of reinventing and revitalising its brands Osrin said relative newcomer @home had also been particularly successful and had been accepted as a leader in the home wares market in the short space of time since its entry into the market place in 2002 Having now developed the right product offering that was sufficiently differentiated from Foschini, Osrin revealed that a new cash-only store format would be launched in the next few months Osrin said three exciting new trading formats would be launched by the group in the next few months, including a brand new outdoors division called DUESOUTH, which would launch with five stores and expand to eight stores this year Markhams would also be repositioned in terms of store design, and a new cash-only store format would be introduced at Fashion Express This initiative was expected to allow Markhams to move to a new level and capture additional market share The group's Financial Service's division, which for the first time was shown as a separate segment in the group's published accounts, comprises RCS Personal Loans, which selectively advances pre-approved loans to its best customers, and RCS Cards which offers credit to customers of merchants outside the group I-Net Bridge In another fund-raiser Saturday, about 100 people paid $1,000 each to see the actor at a private home About 100 people attended Sunday's reception in Louisville, also paying $1,000 each George Clooney spoke briefly at two events in northern Kentucky and at an event in Louisville on Sunday, but stayed away from making political statements When my son and my daughter show up and help me, it means a lot and it shows me this is more than just politics Nick Clooney, a longtime Cincinnati television personality, is the lone Democratic candidate for the 4th District seat of retiring U Instead, he talked about his father and how he wanted to help him with the election "It's family We still matter to one another George Clooney Helps Dad at Fund-Raisers Mar 21, 9:25 PM EST Actor George Clooney helped raise more than $200,000 over the weekend at private fund-raisers for his father's congressional campaign S " About 150 people paid $250 each to mingle with the actor at The Oriental Wok, a restaurant in Fort Mitchell Rep "It's great having my son come in to help," Nick Clooney said Ken Lucas |
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