The well known Edcon reports a 2nd heavy loss in excess of R1 billion from continuing operations in the 26 weeks ended September 2012. This loss is albeit an improvement from the R1.5 billion loss a year ago.
Total revenue in the period increased to just over R12 billion‚ from R11,772 billion a year earlier. 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 the equivalent of 2,4%‚ from R5,4 billion in the second quarter 2012 to R5,5 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.
Lets hope Edcon gets it together, especially with some big international names arriving on our shores creating increased competition for the same share of wallet.
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