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Article: Food, beauty help AVI beat fashion fall-back.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- September 5, 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
Earnings rose at AVI's beauty business but fell at its shoe stores as the company, which makes most of its money from food, reported a 10 percent increase in profit from continuing operations yesterday.
The contrasting performances come as high interest rates and steep inflation cut into consumer spending on less essential items.
Chief executive Simon Crutchley said beauty sales had been boosted by strong growth in female deodorant spray brands it made, such as Yardley and Lentheric.
Fragrances, a pricier category, had not been a material driver of revenue growth.
"Sometimes consumers trade down ...