Shoppers walk past a Spitz shoe shop in Sandton City, Johannesburg. Picture: BUSINESS DAY/ARNOLD PRONTO
Revenue from the group’s footwear and apparel operations, which include the Spitz and Green Cross brands, decreased by 9.2% to R1.1bn while operating profit fell 20.9% to R270.8m. AVI said footwear sales volumes within Spitz fell 8.2%, even though the selling prices of core ranges had not been increased since April 2016.
In November 2018, Green Cross launched a consultation process with affected employees following an in-principle decision to stop all manufacturing operations at its facility in Epping, Cape Town.Green Cross recorded an operating loss of R18.8m, compared with a profit of R4.4m a year before.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: