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TAS
TAS
TAS - Taste Holdings Limited - Trading update
Taste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
JSE code: TAS
ISIN: ZAE000081162
("Taste" or "the company")
DECEMBER 2009 SALES UPDATE
Given the significant contribution that December trade makes to the group`s
financial performance for the year, the board of directors of Taste has issued
the following sales update for December 2009:
Food Division (Comprising Scooters Pizza and Maxi`s Restaurants)
System-wide sales (which include new stores) increased 6.0% over December 2008,
with Maxi`s increasing system sales by 9.9% and Scooters Pizza by 2.3%. Same
store sales in Scooters Pizza increased 2.0%, despite a decrease in spend per
transaction of 3.7%. This decrease was due largely to the strategic price
reduction implemented in March 2009 to focus on gaining market share through
transactional increases and retaining the strong value positioning of the brand.
Same store sales in Maxi`s declined by 1.4%, largely due to the lower spending
in the large shopping malls and as a result of the holiday period starting one
week later than in December 2008. Spend per transaction declined by 1.3%, due
to the introduction of a lower special price point in December 2009 against the
previous December. The debtors` book (consisting predominantly of franchisee
royalties) remained unchanged over the previous year. Overall, these results
were largely in line with expectations taking into account the higher base in
December 2008 and the continued reduced consumer spending during 2009.
Jewellery Division (Comprising NWJ)
System-wide sales increased 7.0% while same store sales increased 2.5% over
December 2008, despite an approximate 17% decline in spend per transaction as
consumers continued the year-long trend of buying lower-ticket items in this
category. The number of promotional days in December 2009 was the same as in
December 2008. The traditional extended credit terms granted to franchisees
for stock purchases during November and December have been settled in full
resulting in an improved debtor`s book over the previous year. Overall, the
sales-related results were better than expected, especially the increase in
sales in the face of the expected decline in spend per transaction.
The group anticipates that consumers will continue their restrained spending
patterns of the last year, and that the brands will continue to be well
positioned by offering strong value for money offerings.
This sales update has not been reviewed or reported on by the company`s external
auditors.
Johannesburg
18 January 2010
Designated Adviser
Vunani Corporate Finance
Date: 18/01/2010 08:30:01 Produced by the JSE SENS Department.
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