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Verimark tumbles on loss

November 12 2012 at 10:01am
By Reuters

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Verimark

Independent Newspapers

Verimark outlet at Clearwater mall in Johannesburg. Photo: Simphiwe Mbokazi

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Shares of South African retailer Verimark Holdings tumble 5.6 percent to 85 cents after the seller of “As seen on TV” goods says it fell to a pre-tax loss of 4.4 million rand ($503,900) in the six months to end-August, hit by unexpected supply challenges and operational inefficiencies.

Verimark, whose products include the “Shogun” knife sharpener and the “Genie Bra”, says the unexpected delay in the completion of its new head office and warehouse will continue to have a negative impact.

But wait, there's more: Verimark also says it will not pay an interim dividend. - Reuters


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