Verimark earnings expected to be sharply higher
Retailer Verimark says headline earnings per share (HEPS) for the year ended 28 February are expected to be between 176% and 238% higher than the previous year, which it attributes to a combination of sales price increases and the strengthening of the rand.
Verimark CEO Michael van Straaten. Image credit: Financial Mail
HEPS are expected to be in the range of 22.1c and 27c compared with 8c for the comparable 12 months a year earlier.
"The company will record a profit before taxation of between R33.7m and R41.2m, an increase of between 157% and 214% on the R13.1m for the comparative period."
The retailer said a major focus on reduction and containment of costs had helped to produce favourable results.
It said this was achieved through a renewed cost benefit analysis and elimination of wasteful expenditure. The continuing improvement had resulted in cost increase being contained to below inflationary levels, said Verimark.
Source: BDpro