Luxe Holdings (formerly Taste Holdings) said on Friday that its loss per share is expected to improve from 66 to 86% to a loss of between 34.8 and 14.4 cents per share for the six months to the end of August 2021, from a loss of 101.7 cents in 2020.
Luxe Holdings is a partially franchised retail and management group operating a portfolio of affordable and ambitious luxury brands and products serving the broad middle to upper income market. Chain stores include NWJ, Arthur Kaplan, and Worlds’ Finest Watches.
Directors said in a statement that comparable store sales performance for the six-month period was up 60% from the corresponding period in 2020, although it was still 8% lower than that of the six-month period. from 2019.
The first quarter sales were 338% higher than the corresponding period in 2020. However, the third wave of Covid-19, negative consumer sentiment and the riots and looting in July had an impact on the recovery of the market. second quarter, down 8% from 2020, and down 13% from 2019.
“The September results were satisfactory at + 5% compared to 2020 and a strong recovery compared to 2019 at + 13%”, said the directors of Luxury.
Overall loss per share is expected to improve 66-86% to reach 34.8-14.4 loss per share range, from 101.7 cents loss per share in 2020 and a loss of 385.6 cents per share during the interim period in 2019.
The overall loss per share from continuing operations is expected to improve within a range of 43 to 63%, a loss of 28.8 to 18.6 cents per share, compared to a loss per share of 50.9 cents in 2020 and a loss of 60.8 cents in 2021.
Luxe’s share price was unchanged at 105 cents on Friday, after steadily declining 124 cents year on year.
Its results for the six-month period ended August 31, 2021 were due to be released by November 10, 2021.
Figures released by Statistics South Africa showed retail sales overall fell 11.2 percent in July, from the previous month, with the largest declines in furniture, household appliances and equipment, as well as hardware. , food, beverages and tobacco products, none of the products that Luxe markets.
The latest BER Retail Survey also showed that retail sales volumes declined in the third quarter, largely penalized by clothing and furniture sales, mainly due to foreclosure restrictions during the three-month period.