Press Release
TUESDAY 15 JANUARY 2002
Profurn has announced a 32% increase in sales in December 2001. Most of the
increase came from cash sales, which were 72% up, with credit sales being 8%
up.
The impact of new stores opened in 2001 is minimal and as such comparisons
with the prior year are like for like.
For the year as a whole, Profurn's sales were marginally up on the previous
year. This reflects the consolidation of the business that has taken place
during 2001, with a strong emphasis on cash generation. Cash sales
accounted for approximately 50% of the total, compared to 44% in the
previous year.
CEO Gavin Walker comments: "We are pleased with trading levels over the
Christmas period, particularly the increases in cash sales, although we
recognise that December sales were boosted by consumers purchasing
electronic products prior to inevitable price increases in 2002 following
the devaluation of the Rand. We will continue to consolidate during 2002
and ensure that our position in chosen markets remains strong.
Diversification of operations, both geographically and across income groups
remains key going forward.
"We are also continuing with a very rigorous approach to the management of
the debtors' book, tightening our controls over new credit and stepping up
collection procedures.
The weakness in the Rand is expected to increase selling prices during 2002,
which will be partially offset by an expected reduction in unit sales.
Margins should, however, be maintained. Approximately 50% of Profurn's
sales are imported goods.
CFO Kevin Boyers says: "The legislation applicable to securitisations and
special purpose vehicles was promulgated during December 2001. Following
publication of our annual results on 4 March 2002 we will provide more
information relating to our long term funding."
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Issued by:
Brunswick contact: Justine Hibbert/Nicola Atherstone
083 443 4347/083 326 7793
For further information, please contact:
Gavin Walker/Kevin Boyers Profurn 011 403 7124
083 082 900 8468/083 679 4663
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
