| Wed 1 Sep 2004, 16:23 | | Foschini Ltd - Results of Annual General Meeting and Statement by the Chairman |
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Foschini Ltd - Results of Annual General Meeting and Statement by the Chairman
at the Annual General Meeting
Foschini Limited
Registration number 1937/009504/06
Share codes: FOS- FOSP
ISIN codes: ZAE000031019 - ZAE000031027
STATEMENT BY THE CHAIRMAN
At Foschini`s 67th Annual General Meeting held earlier to-day, Chairman Eliot
Osrin updated the meeting as follows:
`I would now like to comment briefly on the group`s prospects for 2005.
The retail environment continues to experience solid growth on the back of lower
interest rates and inflation, and consumer spending is expected to remain
strong.
Total sales for the first 5 months of this financial year have exceeded budget
and have grown by 19,7% over the previous year, whilst sales in comparable
stores increased by 15,8. In addition, our financial services division continues
to grow very satisfactorily.
In the absence of unforeseen circumstances, we remain confident about the year
ahead and expect to increase our earnings well above the rate of inflation.
With regard to new brands, our group has been particularly effective at
reinventing and revitalising our brands, many of which have traded for a long
time. Over the past number of years almost all of our brands have been renewed
and invigorated, and the look of our stores and merchandise bears little
resemblance to those of 5 years ago.
In addition, over the years we have also been successful in starting new brands.
Our newest addition, @home, which has been particularly successful, will be
extensively rolled out in the new year.
In October of this year we will be launching our new outdoors divison, DUESOUTH,
which we expect to be equally well received. We will launch initially with 5
stores, with plans to expand to 8 stores this financial year.
Fashion express, having now developed the right product offering that is
sufficiently differentiated from Foschini, will launch a new cash only store
format towards the end of this calendar year.
In addition, our Markhams division will be rejuvenating and repositioning its
brand during the second half of this year, which will include, inter alia, a new
store design concept, which will be rolled out starting from September.`
RESULTS OF ANNUAL GENERAL MEETING
Shareholders are advised that, at the annual general meeting of shareholders of
Foschini Ltd, which was held earlier to-day, all resolutions as proposed in the
notice of the annual general meeting were approved by the requisite majority of
members.
The special resolution will be lodged for registration with the Registrar of
Companies.
Cape Town
1 September 2004
SPONSOR:
UBS South Africa (Pty) Ltd
