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RTO RTOP RTN
RTO
RTO/RTN/RTOP - Rex Trueform Clothing Company Limited - Business update
Rex Trueform Clothing Company Limited
(Incorporated in the Republic of South Africa - Reg No. 1937/009839/06)
Share codes: RTO - RTN - RTOP
ISIN: ZAE000006144 - ZAE000009700 - ZAE000006151
("the company")
BUSINESS UPDATE
The company advises that total group turnover for the period 1 July 2011
to 31 October 2011 decreased by 2.5%. This decrease in turnover is
largely a result of the discontinued manufacturing operation which ceased
on 30 June 2011.
Retail sales from continuing operations (Queenspark) were impacted by the
closure of three non-performing stores during the past twelve month
period which contributed to a decrease of 1.4% in retail trading space
relative to the prior corresponding period. This restricted retail sales
from continuing operations to an increase of 4.9% for the first four
months of the 2012 financial year. However, due to the withdrawal of the
Duty Credit Certificate (DCC) benefits, profits for the first half of the
2012 financial year are expected to be negatively impacted.
Shareholders are referred to the comments in the 2011 Integrated Annual
Report regarding the negative impact which the withdrawal of the DCC will
have on operating profit in the current (2012) financial year. In the
2011 financial year the retail segment operating profit was improved by
an amount of R14,3 million in this regard.
We further anticipate that in the second half of the financial year there
will be a deterioration in margins due to escalating expenses and
currency volatility which we anticipate will negatively impact profits in
respect of that period. This is in addition to the negative impact of
the withdrawal of the DCC noted above.
Shareholders are advised that this update does not constitute an earnings
forecast, and that the financial information on which this business
update is based has neither been reviewed nor reported on by the external
auditors.
The interim results for the six month period ending December 2011 are
scheduled for release in March 2012.
16 November 2011
Cape Town
JSE Sponsor: Java Capital
Date: 16/11/2011 10:41:53 Produced by the JSE SENS Department.
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