Edcon reports a loss

Retailer Edcon posted a loss of R1.012 billion from continuing operations in the 26 weeks ended September 2012‚ from a R1.546 billion loss a year ago.

Total revenue in the period increased to R12.062 billion‚ from R11.772 billion a year earlier.

Photo: Leon Nicholas. Credit: Independent Newspapers

At the same time‚ the loss from continuing operations in the 13 weeks ended September amounted to R721 million‚ compared with a R1.277 billion loss in the same period a year ago.

Retail sales increased by R131 million‚ or 2.4%‚ from R5.400 billion in the second quarter 2012 to R5.531 billion in the second quarter 2013‚ with same store sales increasing by 0.8%.

For year to date 2013 retail sales increased by 2.1%‚ from R11.216 billion in year to date 2012 to R11.453 billion‚ with like-for-like sales increasing by 1.0%.

Credit sales for the last 12 months to the end of the second quarter 2013 increased from 49.9%

in the prior comparable period to 51.4% of total retail sales. - I-Net Bridge