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Article: Shoe sales at AVI tough as takkies.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- June 27, 2008
CopyrightCOPYRIGHT 2008 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BYLINE: Tom Robbins Cape Town
AVI had "resolved" to sell its struggling Argentinean fishing business, the food and fashion company said yesterday.
Its strongest revenue growth came from apparel, including Spitz, after opening new stores.
In March the group said it was reviewing the South American Alpesca investment, which had been hit by high wages and low shrimp prices, causing a "material" decline in operating profit at the I&J subsidiary.
But AVI turned in a solid performance across most of its other food businesses. Food generates more than 70 percent of profit at the group, while its brands include Bakers biscuits and Denny ...